Mortgage rates declined slightly during the week ended Nov. 9 compared to the prior period, according to the Primary Mortgage Market Survey released by Freddie Mac.
Rates for the 30-year fixed-rate mortgage averaged 3.9%, with an average 0.4 point, falling from the 3.94% average in the previous period. Compared to the same period a year ago, the average increased from 3.57%.
The average rate for the 15-year fixed-rate mortgage was 3.24%, with an average 0.5 point, slipping from the previous 3.27% average. The latest average rate is an increase from the 2.88% average in the same period a year ago.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.22%, with an average 0.5 point, down from 3.23% in the previous period. A year ago at this time, the 5-year ARM averaged 2.88%.
"After holding steady last week, rates dipped slightly this week,” Freddie Mac Chief Economist Sean Beccketti said. “The 10-year Treasury yield fell roughly seven basis points, while the 30-year mortgage rate dropped four basis points to 3.9%."
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