Mortgage Rates Fall for Third Straight Week: 30-Year Fixed Averages 7.18%
U.S. mortgage rates edged lower again. Freddie Mac's Primary Mortgage Market Survey, released Nov. 5, put the average 30-year fixed-rate mortgage at 7.18 percent, down from 7.24 percent the week before, a third consecutive weekly decline. The 15-year fixed averaged 6.57 percent, down from 6.60 percent.
Rates remain well above year-ago levels: the 30-year average stood at 6.22 percent a year earlier, and the 15-year at 5.50 percent. Freddie Mac's survey reflects average offers on conventional, conforming purchase loans for borrowers with a 20 percent down payment and excellent credit.
'Mortgage rates continued their downward trajectory this week, improving the environment for prospective homebuyers,' said Sam Khater, Freddie Mac's chief economist. For buyers on the sidelines, each step down stretches what the same monthly payment can borrow, though rates nearly a full point above last year's levels explain why many are still waiting for a clearer signal.
Surveys differ slightly in method: the Mortgage Bankers Association reported a 7.30 percent average contract rate for 30-year conforming loans this week. Both point the same way, rates are loosening slowly, not quickly. (Source: Freddie Mac)
Source: Freddie Mac
Published by GSM · USA (original Chinese edition)
Photo: 图：加州洛杉矶县范奈斯的住宅社区（资料图）。公共领域图片，经 Wikimedia Commons。 / Photo: A residential neighborhood in Van Nuys, Los Angeles County, California (file photo). Public domain, via Wikimedia Commons.
