The latest results from Freddie Mac's Primary Mortgage Market Survey reveal a downward trend in mortgage rates, with the 30-year fixed-rate mortgage (FRM) averaging 7.44%.
Freddie Mac's Chief Economist, Sam Khater, noted, "For the third consecutive week, mortgage rates have moved lower, supported by data suggesting a decrease in inflationary pressures. The combination of sustained economic strength, reduced inflation, and lower mortgage rates is expected to attract more potential homebuyers into the market."
As of November 16, 2023, the 30-year fixed-rate mortgage averaged 7.44%, a slight decrease from the previous week's 7.5%. One year ago, the 30-year FRM stood at 6.61%. The 15-year fixed-rate mortgage averaged 6.76%, down from the previous week's 6.81%. One year ago, the 15-year FRM was at 5.98%.
