Keep up with current mortgage rates at HousingWire’s Mortgage Rates Center. Rates are updated daily and include data from Freddie Mac and Optimal Blue.
Optimal Blue data is based on actual rate lock transactions and therefore includes borrowers across the credit spectrum. The Freddie Mac Primary Mortgage Market Survey (PMMS) provides the rates available to the best borrowers.
Freddie Mac PMMS 11/19/2020
The average U.S. mortgage rate for a 30-year fixed loan fell this week to 2.72%, the lowest rate in the survey’s near 50-year history. The average fixed rate for a 15-year mortgage also fell by 6 basis points to 2.28%.
After this week’s record drop, there have now been 17 consecutive weeks when average mortgage rates have been below 3%. This also marks the first time in the survey’s history rates have fallen below 2.75%, and the 13th time this year rates have broken a record.
According to Sam Khater, Freddie Mac’s chief economist, weaker consumer spending data, which accounts for the majority of economic growth, drove mortgage rates to its new record low.
“While economic growth remains unstable, strong housing demand continues to have a domino effect on many other segments of the economy,” Khater said.
The average U.S. mortgage rate for a 30-year fixed loan rose this week to 2.84%, up 6 basis points from the previous all-time record low set last week. The average fixed rate for a 15-year mortgage also gained slightly by 2 basis points to 2.34%.