Freddie Mac released its weekly mortgage rate data a day early to accommodate the Thanksgiving holiday. Rates were generally little changed as of November 27.
The rate for a 30-year fixed rate mortgage was up 2 basis points to 3.68%, bringing the average for the past four weeks of November to 3.70%, very close to the 3.69% of October. The rate is the highest since 3.77% in July. This is not enough to discouraged qualified homebuyers. It could limit buying for some consumers on the margins.
The rate for a 15-year fixed rate mortgage was unchanged from the prior week at 3.15%, essentially the same as the 3.16% average for November to-date. The November average is up 2 basis points from 3.14% in October and also the highest since July when it as 3.20%.
The 5/1-year ARM rate was up 4 basis points from the prior week at 3.43%. For November to-date, the rate averaged 3.41% compared to the 3.38% in September and October. Again, it is a high since the 3.47% in July.
The present array of rates suggests that the recent three-year lows are not returning. However, these are still attractive rates in the historical context. The slight uptick probably means that potential homebuyers are going to drive harder bargains on price rather than not buy at all.
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