Mortgage Rates Hold Steady Heading into the Thanksgiving Holiday

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) announced the results of its Primary Mortgage Market Survey on November 24, 2021. The 30-year fixed-rate mortgage (FRM) averaged 3.10%, remaining unchanged from the previous week, but up from 2.72% a year ago. The 15-year FRM increased to 2.42%, while the 5-year ARM decreased to 2.47%. Freddie Mac's Chief Economist noted a period of low mortgage rate volatility, with rates fluctuating within a 0.5% range throughout most of 2021.

Positive

• 30-year FRM steady at 3.10%, indicating market stability.
• 15-year FRM up to 2.42%, showing demand for shorter-term loans.

Negative

• 5-year ARM decreased to 2.47%, indicating potential lower future borrowing rates.

MCLEAN, Va., Nov. 24, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.10 percent, unchanged from last week.

“Despite the noise around the economy, inflation, and monetary policy, mortgage rate volatility has been low,” said Sam Khater, Freddie Mac’s Chief Economist. “For most of 2021, mortgage rates have stayed within half a percentage point, which is a smaller range than in past years.”

News Facts

• 30-year fixed-rate mortgage averaged 3.10 percent with an average 0.7 point for the week ending November 24, 2021, unchanged from last week. A year ago at this time, the 30-year FRM averaged 2.72 percent.
• 15-year fixed-rate mortgage averaged 2.42 percent with an average 0.7 point, up from last week when it averaged 2.39 percent. A year ago at this time, the 15-year FRM averaged 2.28 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.47 percent with an average 0.3 point, down from last week when it averaged 2.49 percent. A year ago at this time, the 5-year ARM averaged 3.16 percent.
  
  

The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

MEDIA CONTACT: 
Angela Waugaman
703-714-0644 
Angela_Waugaman@FreddieMac.com 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a086b26e-c913-4b9a-b043-00d772bba8f8

FAQ

What is the current average rate for a 30-year fixed-rate mortgage as of November 24, 2021?

The average rate for a 30-year fixed-rate mortgage is 3.10%.

How does the current 30-year mortgage rate compare to last year?

Last year, the 30-year fixed-rate mortgage averaged 2.72%.

What was the average 15-year fixed-rate mortgage rate as of November 24, 2021?

The average 15-year fixed-rate mortgage rate was 2.42%.

What trend in mortgage rates was noted by Freddie Mac's Chief Economist?

Mortgage rate volatility has been low, with rates staying within a 0.5% range for most of 2021.

What was the average rate for a 5-year adjustable-rate mortgage on November 24, 2021?

The average rate for a 5-year adjustable-rate mortgage was 2.47%.