Buyers Pounce on Stabilizing Mortgage Rates | Realtor Magazine
Mortgage rates mostly held steady this week—and homebuyers responded by rushing to lock in rates. The 30-year fixed-rate mortgage averaged 4.81 percent, Freddie Mac reports.
“Mortgage rates stabilized the last couple of months as interest rate-sensitive sectors, such as new auto and home sales, have clearly softened the outlook for the economy,” says Sam Khater, Freddie Mac’s chief economist. “Homebuyers pounced on the stability in rates as purchase mortgage applications increased, which indicates that despite higher mortgage rates this year, there are buyers on the fence waiting for the right time to buy.”
Freddie Mac reports the following national averages with mortgage rates for the week ending Nov. 29:
· 30-year fixed-rate mortgages: averaged 4.81 percent, with an average 0.5 point, unchanged from last week. Last year at this time, 30-year rates averaged 3.90 percent.
· 15-year fixed-rate mortgages: averaged 4.25 percent, with an average 0.4 point, rising from last week’s 4.24 percent average. A year ago, 15-year rates averaged 3.30 percent.
· 5-year hybrid adjustable-rate mortgages (ARMs): averaged 4.12 percent, with an average 0.3 point, increasing from last week’s 4.09 percent average. A year ago, 5-year ARMs averaged 3.32 percent.