As Treasury Yields Decline, Mortgage Rates Move Down

The 30-year fixed-rate mortgage (FRM) saw its second week of declines, this week averaging 7.5%, down from 7.76% last week, according to the latest Primary Mortgage Market Survey® (PMMS®) released today by Freddie Mac. 

This week’s numbers:

  • 30-year fixed-rate mortgage averaged 7.5% as of November 9, 2023, down from last week when it averaged 7.76%. A year ago at this time, the 30-year FRM averaged 7.08%.
  • 15-year fixed-rate mortgage averaged 6.81%, down from last week when it averaged 7.03%. A year ago at this time, the 15-year FRM averaged 6.38%.

What the experts are saying:

“As Treasury yields decline, the 30-year fixed-rate mortgage dropped a quarter of a percent, the largest one-week decrease since last November,” said Sam Khater, Freddie Mac’s chief economist. “Incoming data show that household debt continues to rise, primarily due to mortgage, credit card and student loan balances. Many consumers are feeling strained by the high cost of living, so unless mortgage rates decrease significantly, the housing market will remain stagnant.”

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