Mortgage rates fell below 3% in the week ending November 10, according to the latest Freddie Mac PMMS mortgage report.
The 30-year fixed-rate mortgage declined to 2.98% last week, falling 11 basis points from 3.09% the week prior. A year ago at this time, the average 30-year fixed-rate loan averaged 2.84%.
“Despite the re-acceleration of economic growth, the recent bond rally drove mortgage rates down for the second consecutive week,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “These low mortgage rates, combined with the tailwind of first-time homebuyers entering the market, means that purchase details ⇒
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