Mortgage rates were down across the board this week, lowering borrowing costs for potential home buyers and refinancers.
“After holding steady last week, rates dipped slightly this week,” says Sean Becketti, Freddie Mac’s chief economist. “The 10-year Treasury yield fell roughly 7 basis points, while the 30-year mortgage rate dropped 4 basis points to 3.90 percent.”
Freddie Mac reports the following national averages with mortgage rates for the week ending Nov. 9:
- 30-year fixed-rate mortgages: averaged 3.90 percent, with an average 0.4 point, dropping from last week’s 3.94 percent. Last year at this time, 30-year rates averaged 3.57 percent.
- 15-year fixed-rate mortgages: averaged 3.24 percent, with an average 0.5 point, falling from last week’s 3.27 percent average. A year ago, 15-year rates averaged 2.88 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 3.22 percent, with an average 0.5 point, dropping from last week’s 3.23 percent average. A year ago, 5-year ARMs averaged 2.88 percent.
Source: Freddie Mac