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Mortgage rates decline again

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Mortgage rates decline again

MCLEAN, Va. — Freddie Mac’s Primary Mortgage Market Survey, shows that the 30-year fixed-rate mortgage (FRM) averaged 2.78%, the lowest rate in the survey’s history which dates back to 1971.

“Mortgage rates hit another record low, the twelfth time this year, due to economic and political ambiguity,” said Sam Khater, Freddie Mac’s chief economist. “Despite the uncertainty that we’ve all experienced this year, the housing market, buoyed by low rates, continues to be a bright spot.”

• 30-year fixed-rate mortgage averaged 2.78% with an average 0.7 point for the week ending Nov. 5, down from last week when it averaged 2.81%. A year ago at this time, the 30-year FRM averaged 3.69%.
• 15-year fixed-rate mortgage averaged 2.32% with an average 0.6 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.13%.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.89% with an average 0.3 point, up slightly from last week when it averaged 2.88%. A year ago at this time, the 5-year ARM averaged 3.39%.