Mortgage Rates Drop, Hitting A Record Low For The Thirteenth Time this Year

MCLEAN, Va. — Freddie Mac Thursday released the results of its Primary Mortgage Market Survey, showing that the 30-year fixed-rate mortgage (FRM) averaged 2.72 percent, the lowest rate in the survey’s history which dates back to 1971.

“Weaker consumer spending data, which accounts for the majority of economic growth, drove mortgage rates to a new record low,” said Sam Khater, Freddie Mac’s Chief Economist. “While economic growth remains unstable, strong housing demand continues to have a domino effect on many other segments of the economy.”

News Facts

• 30-year fixed-rate mortgage averaged 2.72 percent with an average 0.7 point for the week ending November 19, 2020, down from last week when it averaged 2.84 percent. A year ago at this time, the 30-year FRM averaged 3.66 percent.

• 15-year fixed-rate mortgage averaged 2.28 percent with an average 0.6 point, down from last week when it averaged 2.34 percent. A year ago at this time, the 15-year FRM averaged 3.15 percent.

• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.85 percent with an average 0.3 point, down from last week when it averaged 3.11 percent. A year ago at this time, the 5-year ARM averaged 3.39 percent.