Mortgage rates reported little change for the week, with the average 30-year fixed mortgage rate staying just barely below 4%, Freddie Mac Primary Mortgage Market Survey said.
The average 30-year fixed rate mortgage has been below 4% since the week of July 23rd of this year, which is helping homebuyer affordability in the face of rising house prices due to low levels of inventory in many markets, the report stated.
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(Source: Freddie Mac)
The 30-year fixed-rate mortgage averaged 3.95% for the week ending Nov. 25, 2015, down from 3.97% last week. A year ago, the 30-year FRM averaged 3.97%.
Remaining frozen, the 15-year FRM this week averaged 3.18%. Last year, the 15-year FRM averaged 3.17%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.01%, up from 2.98%, but the same as a year ago.
In addition, the 1-year Treasury-indexed ARM averaged 2.59%, down from 2.64% last week. In 2014, the 1-year ARM averaged 2.44%.
Freddie Mac Chief Economist Sean Becketti noted that it’s a quiet week leading up to the Thanksgiving holiday.
“Economic releases over the last week contained no major surprises, and none are expected in the next few days," Becketti said. "The year is winding down, and the only remaining market dates of note are December 4—the last employment report of the year—and December 15-16, the long-awaited FOMC meeting."
