The latest results from Freddie Mac's Primary Mortgage Market Survey reveal a continueddownward trend in mortgage rates, with the 30-year fixed-rate mortgage (FRM) averaging 7.29%. This week’s results include an adjustment for the observance of Thanksgiving.
Freddie Mac's Chief Economist, Sam Khater, says: “Mortgage rates continued to decrease heading into the Thanksgiving holiday. 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 thirteen-year low.”
The 30-year FRM averaged 7.29% as of November 22, 2023, down from last week when it averaged 7.44%. A year ago at this time, the 30-year FRM averaged 6.58%.
The 15-year FRM averaged 6.67%, down from last week when it averaged 6.76%. A year ago at this time, the 15-year FRM averaged 5.9%.
