For the third week, 30-year fixed-rate mortgages, the most popular choice among home buyers, averaged at or below 4 percent, Freddie Mac reports in its weekly mortgage market survey.
“Mortgage rates were little changed this week just as the economy is showing potential for further gains in the near term,” Frank Nothaft, Freddie Mac’s chief economist, said in a statement.
Here’s a closer look at rates for the week ending Nov. 18:
- 30-year fixed-rate mortgages: averaged 4 percent with an average 0.7 point, rising slightly from last week’s 3.99 percent average. A year ago at this time, 30-year rates averaged 4.39 percent.
- 15-year fixed-rate mortgages: averaged 3.31 percent with an average 0.7 point, increasing from last week’s 3.30 percent. Last year at this time, 15-year rates averaged 3.76 percent.
- 5-year adjustable-rate mortgages: averaged 2.97 percent with an average 0.6 point, decreasing slightly from last week’s 2.98 percent average. Last year at this time, 5-year ARMs averaged 3.40 percent.
- 1-year ARMs: averaged 2.98 percent with an average 0.6 point, up from last week’s 2.95 percent average. A year ago, 1-year ARMs averaged 3.26 percent.
Source: Freddie Mac