The 30-year fixed rate mortgage fell for the 4th straight week and hit a 9-week low, according to the weekly data from Freddie Mac.
- The 30-year fixed rate mortgage averaged 7.29% for the week ending November 22nd, down 15 basis points from the previous week and the lowest level since September 21st.
- The 15-year FRM averaged 6.67% for the week ending November 22nd, down 9 basis points from the previous week and the lowest level since September 21st.
One Year Ago. The 30-year fixed rate averaged 6.58%. and the 15-year averaged 5.9%.
Analysis. Sam Khater, Freddie Mac’s Chief Economist, said that rates are falling but consumers remain cautious. “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.”
Reminder. Demand for mortgages rose 4.0% from last week and the highest level in the last 8 weeks.