Freddie Mac’s results of its Primary Mortgage Market Survey® shows that “After a year-long slide, mortgage rates hit a cycle low in September 2019 and have risen in six out of the last nine weeks due to modestly better economic data and trade related optimism. The improvement in sentiment has been one of the main drivers behind the surge in equity prices and will provide a halo effect to consumer spending heading into the important holiday shopping season.”
• 30-year fixed-rate mortgage (FRM) averaged 3.69 percent with an average 0.5 points for the week ending November 07, 2019, down from last month when it averaged 3.78 percent. A year ago, at this time, the 30-year FRM averaged 4.94 percent.
• 15-year FRM this week averaged 3.13 percent with an average 0.4 points, down from last month when it also averaged 3.19 percent. A year ago, at this time, the 15-year FRM averaged 4.33 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.39 percent this week with an average 0.3 points, down from last month when it averaged 3.43 percent. A year ago, at this time, the 5-year ARM averaged 4.14 percent.