The 30-Year Mortgage Rate Dropped Below 5% in Week of November 5
The national 30-year mortgage rate dropped below 5% in the week of November 5, according to the results of the latest Primary Mortgage Market Survey (PMMS) carried out by Freddie Mac.
In particular, the rate for 30-year fixed-rate mortgages (FRMs) averaged 4.98, 5 basis points down compared to the average rate in the previous week. On a year-over-year basis, the 30-year mortgage rate in the week of November 5 was 122 basis points down from the average rate of 6.2% that prevailed during the same period a year ago.
It should be noted though that the average 30-year mortgage rate for all US regions ranged from 5% to 5.02%, with the exception of the West where it averaged 4.91%.
The rate for 15-year FRMs averaged 4.40%, 6 basis points down compared to the average rate in the previous week, and 148 basis points down compared to the average rate of 5.88% that prevailed during the same period a year ago.
The one-year Treasury-indexed ARM averaged nationwide 4.47% (10 basis points down from last week) and ranged from 4.31% in the Northeast to 4.65% in the Southeast.
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