Reversing a three week trend mortgage rates fell for the week, according to Freddie Mac’s weekly report…(Freddie Mac)
- 30-YR FIXED: Fell 5 basis points to an average of 3.09% for the week ending November 4, 2021. This is 31 basis points higher than one year ago.
- 15-YR FIXED: Fell 2 basis points to an averaged 2.35% for the week ending November 4, 2021 This is 3 basis points higher than one year ago.
Sam Khater, Freddie Mac’s Chief Economist, said they expect rates to continue moving up but the housing market remains strong…
- “While mortgage rates fell after several weeks on the rise, we expect future upticks due to stronger economic data and as the Federal Reserve pulls back on its stimulus…That said, the housing market remains favorable for consumers, as rates remain below pre-pandemic levels and continue to support sustainable purchase and refinance opportunities.”
NOTE: The Mortgage Bankers Association showed a slightly bigger drop in rates on Wednesday with the 30 year falling 6 basis points and the 15 year saw a 3 basis point drop.
