Rates came down significantly last week due to positive inflation data. For the week ending November 17, 30-year rates fell to 6.61% from 7.08% the week before. In addition, 15-year loans decreased to 5.98%. A year ago, 30-year fixed rates averaged 3.10%, more than 3.5% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “Mortgage rates tumbled this week due to incoming data that suggests inflation may have peaked. While the decline in mortgage rates is welcome news, there is still a long road ahead for the housing market. Inflation remains elevated, the Federal Reserve is likely to keep interest rates high and consumers will continue to feel the impact.”
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.
On Thursday, November 17, Freddie Mac debuted a revised version of its Primary Mortgage Market Survey (PMMS), its weekly look at mortgage interest rates. The government-sponsored enterprise said it has updated its methodology for performing the survey and producing the results, which will now be released each Thursday at noon ET with more up-to-date data. Freddie Mac has indicated that its traditional survey approach of lenders would be replaced with loan application information submitted to its automated underwriting system. The enterprise, though, did caution that the new survey will measure mortgage rates in the application stage and it does not appear to be requiring that loans are locked. The survey will no longer report rates for the 5/1 Treasury Indexed Adjustable-Rate Mortgage (ARM) due to insufficient number of ARMs being originated. It will also no longer report average discount points and origination fees for the fixed-rate mortgages.
Current Indices for Adjustable Rates
Updated November 18, 2022
6-month Treasury Security
1-year Treasury Security
3-year Treasury Security
5-year Treasury Security
10-year Treasury Security