Rates have stabilized over the last couple of months, says Freddie Mac
Mortgage rates remained stable during the week ending Nov. 29, 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 0.5 point, unchanged from the previous survey. The 30-year fixed-rate mortgage averaged 3.9% during the same week in 2017.
The 15-year fixed-rate mortgage averaged 4.25%, with an average 0.4 point, up from 4.24%. A year ago at this time, the 15-year fixed-rate mortgage averaged 3.3%.
The average rate for the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) increased to 4.12%, with an average 0.3 point, from 4.09%. The 5-year ARM averaged 3.32% in the same week last year.
“Mortgage rates stabilized the last couple of months as interest-rate-sensitive sectors such as new auto and home sales have clearly softened the outlook for the economy,” Freddie Mac Chief Economist Sam Khater said. “Homebuyers pounced on the stability in rates as purchase mortgage applications increased, which indicates that despite higher mortgage rates this year there are buyers on the fence waiting for the right time to buy.”