Mortgage Rates Take a Dip
November 9, 2017
Average mortgage rates were down slightly in the latest Freddie Mac data.
The 30-year fixed-rate mortgage (FRM) averaged 3.90 percent for the week ending Nov. 9, down from last week when it averaged 3.94 percent. A year ago at this time, the 30-year FRM averaged 3.57 percent.
The 15-year FRM this week averaged 3.24 percent, down from last week when it averaged 3.27 percent. A year ago at this time, the 15-year FRM averaged 2.88 percent.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.22 percent this week, down from last week when it averaged 3.23 percent. A year ago at this time, the five-year ARM averaged 2.88 percent.
Separately, Freddie Mac issued its November Insight report. Among its findings, Freddie Mac determined that residential construction is falling roughly 500,000 homes short of demand every year, while the wider availability of mortgage credit is not fueling housing demand.
“Credit standards today are not looser than they were at the beginning of this century, a period that many analysts use as a reference for a ‘normal’ mortgage market,” Freddie Mac reported.
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