Mortgage rates fell across the board during the week ending Nov. 21, according to the Primary Mortgage Market Survey released by Freddie Mac.
Rates for the 30-year fixed-rate mortgage averaged 4.81%, with an average 0.4 point, down from its previous average of 4.94%. The mortgage averaged 3.92% in the same period in 2017.
The 15-year fixed-rate mortgage averaged 4.24%, with an average 0.5 point, down from 4.36%. A year ago at this time, the mortgage averaged 3.32%.
The average rate for the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) fell to 4.09%, with an average 0.3 point, from 4.14%. The 5-year ARM averaged 3.22% in the same week last year.
“The downward spiral in oil prices and a volatile equities market caused mortgage rates to decline 13 basis points to 4.81%, the largest weekly drop since January 2015. Mortgage rates are the lowest since early October and the dip offers a window of opportunity for would-be buyers that have been on the fence waiting for a drop in mortgage rates,” Freddie Mac Chief Economist Sam Khater said.