“Mortgage rates jumped this week as a result of positive news about a COVID-19 vaccine,” said Sam Khater, Freddie Mac’s Chief Economist. “Despite this rise, mortgage rates remain about a percentage point below a year ago and the low rate environment is supportive of both purchase and refinance demand. Heading into late fall, the housing market continues to grow and buttress the economy.”
- 30-year fixed-rate mortgage averaged 2.84 percent with an average 0.7 point for the week ending November 12, 2020, up from last week when it averaged 2.78 percent. A year ago at this time, the 30-year FRM averaged 3.75 percent.
- 15-year fixed-rate mortgage averaged 2.34 percent with an average 0.6 point, up from last week when it averaged 2.32. A year ago at this time, the 15-year FRM averaged 3.20 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.11 percent with an average 0.4 point, up from last week when it averaged 2.89 percent. A year ago at this time, the 5-year ARM averaged 3.44 percent.
The PMMS is focused on conventional, conforming, fully-amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.