Freddie Mac mortgage interest rates declined across-the-board as of the November 7 week data after the FOMC cut short-term rates for a third time on October 30.
The 30-year fixed rate fell 9 basis points to 3.69%, ending the upward movement in recent weeks. The rate was the same as the 3.69% average for all of October and hints that rates have stabilized at a comfortable level, if not quite so low as those seen in August and September.
The 15-year fixed rate was down 6 basis points to 3.13% as of November 7, and was similar to the 3.14% October average.
The 5/1-year ARM rate was down 4 basis points to 3.39%, just above the 3.38% average for October.
Rates are hovering right around three-year lows and remain at levels tempting for potential homebuyers.
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