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Mortgage

Homebuyers, now might be the time to buy

Mortgage rates retreat to lowest level since early October

Mortgage rates declined this week, falling across the board, according to Freddie Mac’s latest Primary Mortgage Market Survey.

According to the survey, the 30-year fixed-rate mortgage dropped from 4.94% last week, averaging 4.81% for the week ending Nov. 21, 2018. However, this is still an increase from last year’s rate of 3.92%.

“The downward spiral in oil prices and a volatile equities market caused mortgage rates to decline 13 basis points to 4.81%, the largest weekly drop since January 2015,” Freddie Mac Chief Economist Sam Khater said. “Mortgage rates are the lowest since early October and the dip offers a window of opportunity for would be buyers that have been on the fence waiting for a drop in mortgage rates.”

Freddie Mac Mortgage Rates- Nov 21

(Click to enlarge)

The 15-year FRM averaged 4.24% this week, down from last week's 4.36%. This time last year, the 15-year FRM was 3.32%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage came in at 4.09% this week, retreating from 4.14% the week before. Notably, it also remains much higher than this time last year when it averaged 3.22%.

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