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Mortgage Rates Dip Back Below 3%

By Freddie Mac

Home buyers and homeowners got another chance this week to lock in historically low rates. The 30-year fixed-rate mortgage averaged 2.98%, Freddie Mac reports.

“Despite the re-acceleration of economic growth, the recent bond rally drove mortgage rates down for the second consecutive week,” says Sam Khater, Freddie Mac’s chief economist. “These low mortgage rates, combined with the tailwind of first-time home buyers entering the market, means that purchase demand will remain strong into next year. However, affordability pressures continue to be an ongoing concern for home buyers.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Nov. 10:

  • 30-year fixed-rate mortgages: averaged 2.98%, with an average 0.7 point, dropping from last week’s 3.09% average. Last year at this time, 30-year rates averaged 2.84%.
  • 15-year fixed-rate mortgages: averaged 2.27%, with an average 0.6 point, dropping from last week’s 2.35% average. A year ago, 15-year rates averaged 2.34%.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.53%, with an average 0.4 point, dropping from last week’s 2.54% average. A year ago, 5-year ARMs averaged 3.11%.

Freddie Mac reports average commitment rates along with average points to better reflect the total upfront cost of obtaining the mortgage.