Mortgage Rates Drop for Third Straight Week

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Mortgage rates continued to decline for the third consecutive week in the Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 7.44% as of Nov. 16, down from last week when it averaged 7.5%. A year ago at this time, it averaged 6.61%.

The 15-year fixed-rate mortgage averaged 6.76%, down from last week when it averaged 6.81%. A year ago at this time, it averaged 5.98%.

“For the third straight week, mortgage rates trended down, as new data indicates that inflationary pressures are receding,” said Sam Khater, Freddie Mac’s chief economist. “The combination of continued economic strength, lower inflation and lower mortgage rates should likely bring more potential homebuyers into the market.”