Mortgage rates mostly held stable this week, a welcome relief to home buyers.
“Despite recent market volatility, mortgage rates remained steady this week,” says Sam Khater, Freddie Mac’s chief economist. “The stability in mortgage rates reflects the moderation in inflationary pressures in the economy due to the lower oil prices and subdued wage growth. On the margin, lower energy costs are a positive for the home sales market, particularly for lower-middle income suburban buyers who spend proportionately more income on transportation costs.”
Freddie Mac reports the following national averages with mortgage rates for the week ending Nov. 15:
- 30-year fixed-rate mortgages: averaged 4.94 percent, with an average 0.5 point, unchanged from last week’s average. Last year at this time, 30-year rates averaged 3.95 percent.
- 15-year fixed-rate mortgages: averaged 4.36 percent, with an average 0.4 point, increasing slightly from last week’s 4.33 percent average. A year ago, 15-year rates averaged 3.31 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 4.14 percent with an average 0.3 point, unchanged from last week. A year ago, 5-year ARMs averaged 3.21 percent.