Sam Khater, Freddie Mac’s chief economist, said, “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. Home buyers 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.”
- 30-year fixed-rate mortgage (FRM) averaged 4.81% with an average 0.5 point for the week ending November 29, 2018, unchanged from last week. A year ago at this time, the 30-year FRM averaged 3.90%.
- 15-year FRM this week averaged 4.25% with an average 0.4 point, up from last week when it averaged 4.24%. A year ago at this time, the 15-year FRM averaged 3.30%.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.12% with an average 0.3 point, up from last week when it averaged 4.09%. A year ago at this time, the 5-year ARM averaged 3.32%.