The weekly drop was the largest since January 2015
Mortgage rates fell across the board during the week ending Nov. 21, according to the Primary Mortgage Market Survey released by Freddie Mac.
Rates for the 30-year fixed-rate mortgage averaged 4.81%, with an average 0.4 point, down from its previous average of 4.94%. The mortgage averaged 3.92% in the same period in 2017.
The 15-year fixed-rate mortgage averaged 4.24%, with an average 0.5 point, down from 4.36%. A year ago at this time, the mortgage averaged 3.32%.
The average rate for the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) fell to 4.09%, with an average 0.3 point, from 4.14%. The 5-year ARM averaged 3.22% in the same week last year.
“The downward spiral in oil prices and a volatile equities market caused mortgage rates to decline 13 basis points to 4.81%, the largest weekly drop since January 2015. Mortgage rates are the lowest since early October and the dip offers a window of opportunity for would-be buyers that have been on the fence waiting for a drop in mortgage rates,” Freddie Mac Chief Economist Sam Khater said.
