Mortgage Rates Fall
On November 4, 2021, Freddie Mac (OTCQB: FMCC) reported that the 30-year fixed-rate mortgage averaged 3.09%, down from 3.14% the previous week, but higher than 2.78% a year ago. The 15-year fixed-rate mortgage averaged 2.35%, slightly down from 2.37% last week, while the 5-year ARM stood at 2.54%. Freddie Mac's Chief Economist, Sam Khater, anticipates future rate increases due to strong economic data and reduced Federal Reserve stimulus, although the housing market remains favorable with rates below pre-pandemic levels.
- 30-year fixed-rate mortgage decreased to 3.09%, making housing more affordable.
- 15-year mortgage rates also dropped to 2.35%, supporting refinancing opportunities.
- 5-year ARMs fell to 2.54%, providing attractive options for consumers.
- Future upticks in mortgage rates are expected due to stronger economic data.
- Current rates are still above last year's levels, indicating potential affordability challenges.
MCLEAN, Va., Nov. 04, 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 3.09 percent.
“While mortgage rates fell after several weeks on the rise, we expect future upticks due to stronger economic data and as the Federal Reserve pulls back on its stimulus,” said Sam Khater, Freddie Mac’s Chief Economist. “That said, the housing market remains favorable for consumers, as rates remain below pre-pandemic levels and continue to support sustainable purchase and refinance opportunities."
News Facts
- 30-year fixed-rate mortgage averaged 3.09 percent with an average 0.7 point for the week ending November 4, 2021, down from last week when it averaged 3.14 percent. A year ago at this time, the 30-year FRM averaged 2.78 percent.
- 15-year fixed-rate mortgage averaged 2.35 percent with an average 0.6 point, down from last week when it averaged 2.37 percent. A year ago at this time, the 15-year FRM averaged 2.32 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.54 percent with an average 0.3 point, down from last week when it averaged 2.56 percent. A year ago at this time, the 5-year ARM averaged 2.89 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/fbbb3f56-ab49-43c2-8b50-fa5864630753
FAQ
What is the current average rate for a 30-year fixed-rate mortgage from Freddie Mac (FMCC)?
How does the current 15-year fixed-rate mortgage rate compare to last week?
What are the implications of rising mortgage rates for homebuyers and the housing market?
What are the latest trends in adjustable-rate mortgages (ARMs) according to Freddie Mac?
