Mortgage rates moderated during the week ending Nov. 15 after increasing in the previous period, according to the Primary Mortgage Market Survey released by Freddie Mac.
Rates for the 30-year fixed-rate mortgage remained unchanged week over week, averaging 4.94% with an average 0.5 point. The mortgage averaged 3.95% in the same period in 2017.0
The 15-year fixed-rate mortgage averaged 4.36%, with an average 0.4 point, up from 4.33%. A year ago at this time, the mortgage averaged 3.31%.
The average for the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) also remained unchanged at 4.14%, with an average 0.3 point. The 5-year ARM averaged 3.21% a year ago at this time.
“Despite recent market volatility, mortgage rates remained steady this week. The stability in mortgage rates reflects the moderation in inflationary pressures in the economy due to lower oil prices and subdued wage growth,” Freddie Mac Chief Economist Sam Khater said. “On the margin, lower energy costs are a positive for the home sales market, particularly for lower-middle income suburban buyers who spend proportionately more income on transportation costs.”