By RISMedia Staff
The average 30-year, fixed mortgage rate is at 4.63 percent, according to Freddie Mac’s latest Primary Mortgage Market Survey® (PMMS®)—the lowest it has been since September. The average 15-year, meanwhile, is at 4.07 percent, while the five-year, Treasury-indexed hybrid adjustable rate is at 4.04 percent. All three slid week over week.
“The 30-year fixed fell to 4.63 percent this week—the lowest it has been since mid-September,” says Sam Khater, chief economist at Freddie Mac. “Mortgage rates have either fallen or remained flat for five consecutive weeks and purchase applicants are responding with an uptick in demand given these lower rates.
“While the housing market softened in response to higher rates through most of this year, the combination of a low unemployment and recent downdraft in rates should support home sales heading into the early winter months,” Khater says.
Source: Freddie Mac
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