Mortgage Rates Slip For 3rd Consecutive Week

(RTTNews) - Mortgage rates, or interest rates on home loans, slipped for a third straight week, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage averaged 7.44 percent as of November 16, 2023, compared to last week when it averaged 7.50 percent. A year ago at this time, the 30-year FRM averaged 6.61 percent.

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

"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."