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Mortgage Rates Drop Even Further

Navi Persaud
Nov 05, 2020
Photo credit: Getty Images/Andrii Yalanskyi

Freddie Mac's Primary Mortgage Market Survey reported that the 30-year fixed-rate mortgage averaged 2.78%, another historic low in the survey's history dating back to 1971. At this period in 2019, the 30-year fixed-rate mortgage averaged 3.69%.

"Mortgage rates hit another record low, the twelfth time this year, due to economic and political ambiguity," said Sam Khater, Freddie Mac’s chief economist. "Despite the uncertainty that we’ve all experienced this year, the housing market, buoyed by low rates, continues to be a bright spot."

According to the survey, the 15-year fixed-rate mortgage remained stagnant, averaging 2.32% while the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.89%.

Freddie Mac Primary Mortgage Market Survey 11/05/2020

 
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