Mortgage rates remained at 3.10% in the week ending Nov. 24, according to the latest Freddie Mac PMMS mortgage report. A year ago at this time, the average 30-year fixed-rate loan averaged just 2.72%.
Sam Khater, Freddie Mac’s chief economist, said interest rate volatility has been low, despite the noise around the economy, inflation, and monetary policy. “For most of 2021, mortgage rates have stayed within half a percentage point, which is a smaller range than in past years.”
The survey focuses on conventional, conforming, and fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit.
Economists at Freddie Mac details ⇒
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