Mortgage Rates Fall Back

MCLEAN, Va., Nov. 07, 2019 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Surveyâ (PMMSâ), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.69 percent.

“After a year-long slide, mortgage rates hit a cycle low in September 2019 and have risen in six out of the last nine weeks due to modestly better economic data and trade related optimism,” said Sam Khater, Freddie Mac’s Chief Economist. “The improvement in sentiment has been one of the main drivers behind the surge in equity prices and will provide a halo effect to consumer spending heading into the important holiday shopping season.”

News Facts

  • 30-year fixed-rate mortgage averaged 3.69 percent with an average 0.5 point for the week ending November 7, 2019, down from last week when it averaged 3.78 percent. A year ago at this time, the 30-year FRM averaged 4.94 percent. 
  • 15-year fixed-rate mortgage averaged 3.13 percent with an average 0.4 point, down from last week when it averaged 3.19 percent. A year ago at this time, the 15-year FRM averaged 4.33 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.39 percent with an average 0.3 point, down from last week when it averaged 3.43 percent. A year ago at this time, the 5-year ARM averaged 4.14 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

MEDIA CONTACT:
Angela Waugaman
703-714-0644
Angela_Waugaman@FreddieMac.com

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