Mortgage rates fell for the fifth straight week, according to the weekly survey from Freddie Mac.
- The 30-year fixed rate mortgage averaged 7.22% for the week ending November 30th, down 7 basis points from last week and the lowest rate since September.
- The 15-year fixed-rate mortgage averaged 6.56% for the week ending November 30th, down 11 basis points from last week and the lowest rate since September.
One Year Ago. A year ago at this time, the 30-year FRM averaged 6.49% and the 15-year was 5.76%.
Analysis. Sam Khater, Freddie Mac’s Chief Economist, said falling rates has finally put some upward pressure on demand. “The current trajectory of rates is an encouraging development for potential homebuyers, with purchase application activity recently rising to the same level as mid-September…The modest uptick in demand over the last month signals that there will likely be more competition in a market that remains starved for inventory.”