Rates continued to decrease in the week of the Thanksgiving
Freddie Mac has released its latest Primary Mortgage Market Survey (PMMS), revealing an average of 7.29% in the 30-year fixed rate mortgage (FRM), down from the previous week’s 7.44%. The results include an adjustment for the observance of Thanksgiving. The 30-year FRM averaged 6.58% a year ago at the same period.
“Mortgage rates continued to decrease heading into the Thanksgiving holiday,” said Sam Khater, chief economist at Freddie Mac. “In recent weeks, rates have dropped by half a percent, but potential homebuyers continue to hold out for lower rates and more inventory. This dynamic is reflected in the latest data showing that existing home sales have fallen to a 13-year low.”
Meanwhile, the 15-year FRM averaged 6.67%, down from 6.76% in the previous week. One year ago at the same period, the 15-year FRM averaged 5.9%.
The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit.
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