Fixed-rate mortgages dropped this week due to weaker economic data, particularly a decline in manufacturing growth and overall inflation rates, says Frank Nothaft, Freddie Mac’s chief economist.
Freddie Mac reports the following national averages for the week ending Nov. 21:
- 30-year fixed-rate mortgages: averaged 4.22 percent, with an average 0.7 point, dropping from last week’s 4.35 percent average. Last year at this time, 30-year rates averaged 3.31 percent.
- 15-year fixed-rate mortgages: averaged 3.27 percent, with an average 0.7 point, dropping from last week’s 3.35 percent average. A year ago, 15-year rates averaged 2.63 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.95 percent, with an average 0.5 point, dropping from last week’s 3.01 percent average. Last year at this time, 5-year ARMs averaged 2.74 percent.
- 1-year ARMs: averaged 2.61 percent, with an average 0.4 point, holding steady from last week. A year ago, 1-year ARMs averaged 2.56 percent.
Source: Freddie Mac