Rates continue to hover near record lows due to economic and political uncertainty
Mortgage rates reached another historic low for the twelfth time this year, according to the Freddie Mac Primary Mortgage Market Survey.
Freddie reported Thursday that the rate for the 30-year fixed mortgage fell to 2.78% – the lowest rate in the survey's nearly 50-year history. The 30-year FRM was down three basis points from the prior week's average of 2.81%.
Freddie Mac Chief Economist Sam Khater said that economic and political ambiguity have likely driven the decline.
"Despite the uncertainty that we've all experienced this year, the housing market, buoyed by low rates, continues to be a bright spot," he said.
Meanwhile, the 15-year fixed-rate mortgage held steady at 2.32%, and the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) moved up one basis point to 2.89%.
