Freddie Mac's recent Primary Mortgage Market Survey reveals a continued downward trend in mortgage rates, with the 30-year fixed-rate mortgage (FRM) averaging 7.22%. This marks a decrease from the previous week's average of 7.29% and a significant shift in market sentiment over the last month.
According to Sam Khater, Freddie Mac's Chief Economist, the ongoing decline in mortgage rates is an encouraging development for potential homebuyers. He notes that purchase application activity has risen to levels comparable to mid-September when rates were similar to the current levels. This modest uptick in demand signals potential increased competition in a market facing a shortage of inventory.
As of November 30, 2023, the 30-year FRM averaged 7.22%, down from 7.29% the previous week and up from 6.49% a year ago. The 15-year FRM also experienced a decline, averaging 6.56% compared to the previous week's 6.67 percent. A year ago, the 15-year FRM averaged 5.76%.
