Mortgage rates fall, Freddie Mac report shows

Freddie Mac has released the results of its latest Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.09% for the week ending Nov. 4, down from last week when it averaged 3.17%.

A year ago at this time, the 30-year FRM averaged 2.78%, according to a Freddie Mac news release.

“While mortgage rates fell after several weeks on the rise, we expect future upticks due to stronger economic data and as the Federal Reserve pulls back on its stimulus,” said Sam Khater, Freddie Mac’s chief economist. “That said, the housing market remains favorable for consumers, as rates remain below pre-pandemic levels and continue to support sustainable purchase and refinance opportunities.”

The weekly survey showed the 15-year fixed-rate mortgage averaged 2.35%, down from 2.37% in the previous week. A year ago at this time, the 15-year FRM averaged 2.32%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.54%, down from last week when it averaged 2.56%. A year ago at this time, the 5-year ARM averaged 2.89%.

The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Borrowers may still pay closing costs, which are not included in the survey, according to Freddie Mac.