Mortgage rates fell from their four-month high, decreasing in the short week before the Thanksgiving holiday, according to Freddie Mac’s latest Primary Mortgage Market Survey.
“Rates dipped slightly in a short week leading up to the Thanksgiving holiday,” Freddie Mac Chief Economist Sean Becketti said.
Click to Enlarge
(Source: Freddie Mac)
The 30-year fixed rate mortgage dropped to 3.92% for the week ending November 22, 2017. This is down from last week’s 3.95% and down, for the first time in 2017, from last year’s level of 4.03%.
However, the 15-year FRM increased slightly from 3.31% last week to 3.32% this week, and remains above last year’s 3.25%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage increased slightly as well, climbing to 3.22%. This is up from 3.21% last week and from 3.12% last year.
“The 10-year Treasury yield fell roughly four basis points, while the 30-year mortgage rate dropped three basis points to 3.92%,” Becketti said. “Mortgage rates continue to remain low.”