Mortgage Rates Drop For The Fifth Consecutive Week

(RTTNews) - Mortgage rates, or interest rates on home loans, slipped for a fifth straight week, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage averaged 7.22 percent as of November 30, 2023, compared to last week when it averaged 7.29 percent. A year ago at this time, the 30-year FRM averaged 6.49 percent.

The 15-year fixed-rate mortgage averaged 6.56 percent, down from last week when it averaged 6.67. A year ago at this time, the 15-year FRM averaged 5.76 percent.

"Market sentiment has significantly shifted over the last month, leading to a continued decline in mortgage rates," said Sam Khater, Freddie Mac's Chief Economist. "The current trajectory of rates is an encouraging development for potential homebuyers, with purchase application activity recently rising to the same level as mid-September when rates were similar to today's levels. The modest uptick in demand over the last month signals that there will likely be more competition in a market that remains starved for inventory."