Freddie Mac: 30-Year Mortgage Rate Falls to 7.18 Percent, Third Straight Weekly Decline
Freddie Mac's latest Primary Mortgage Market Survey (PMMS) shows the average rate on a 30-year fixed-rate mortgage in the United States fell to 7.18 percent in the week ending November 5, down from 7.24 percent the week before - a third consecutive weekly decline. The 15-year fixed-rate mortgage averaged 6.57 percent, down from 6.60 percent.
Rates remain well above year-ago levels: a year earlier, the 30-year rate averaged 6.22 percent and the 15-year 5.50 percent. Freddie Mac Chief Economist Sam Khater said a third straight weekly decline is a positive signal for sidelined buyers, though borrowing costs remain elevated and affordability is still the market's main constraint.
The PMMS, published by Freddie Mac since 1971, surveys lenders nationwide each week and is a benchmark gauge of U.S. mortgage rate trends. Falling rates typically lift purchase and refinance applications, and lenders will watch the coming week's data for volume changes.
Analysts note that mortgage rates move largely with the 10-year Treasury yield and expectations for Federal Reserve policy, and one week of declines does not establish a trend. Prospective buyers should compare quotes from multiple lenders and weigh total costs, including fees and points, not the rate alone. (Source: Freddie Mac)
Source: Freddie Mac
Published by GSM · USA (original Chinese edition)
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