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Mortgage Rates Take a Dip

Phil Hall
Nov 30, 2017
Mortgage rates were mostly down this week, according to the latest Freddie Mac Primary Mortgage Market Survey (PMMS)

Mortgage rates were mostly down this week, according to the latest Freddie Mac Primary Mortgage Market Survey (PMMS).
 
The 30-year fixed-rate mortgage (FRM) averaged 3.90 percent for the week ending Nov. 30, down from last week when it averaged 3.92 percent. The 15-year FRM this week averaged 3.30 percent, down from last week when it averaged 3.32 percent. But the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.32 percent this week, up from last week when it averaged 3.22 percent.
 
“The 30-year fixed mortgage rate fell two basis points to 3.9 percent in this week's survey, but we closed our survey prior to a surge in long-term interest rates following an upward revision to third quarter U.S. Real GDP growth and comments by Federal Reserve Chair Yellen touting a broad-based economic expansion,” said Len Kiefer, Freddie Mac’s Deputy Chief Economist. “The market implied probability of a Fed rate hike in December neared 100 percent, helping to drive short term interest rates higher. The 5/1 Hybrid ARM, which is more sensitive to short-term rates than the 30-year fixed mortgage, increased 10 basis points to 3.32 percent in this week's survey. The spread between the 30-year fixed mortgage and 5/1 Hybrid ARM is just 58 basis points this week, the lowest spread since November of 2012.”
Mortgage rates were mostly down this week, according to the latest Freddie Mac Primary Mortgage Market Survey (PMMS)

 
 
Published
Nov 30, 2017
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