For the week ending November 27, Freddie Mac announced that 30-year fixed rates rose to 3.68% from 3.66% the week before. The average for 15-year loans remained at 3.15% and the average for five-year ARMs moved up to 3.43%. A year ago, 30-year fixed rates averaged 4.81%, more than 1.0% higher than today. “Following a decline in the first nine months of 2019, rates on home loans have traded narrower during the last two months with a modest drift upward due to an improved economic outlook. While there has been a lag in the housing market’s response to lower rates, real estate volumes have clearly shifted into a higher gear. Moreover, the recent improvement in the cyclical segments of the economy and easing financial conditions will provide a gentle tailwind to the real estate market rebound over the next few months,” said Sam Khater, Chief Economist, Freddie Mac.
Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.