Positive News About COVID-19 Vaccine Results In Rise Of Mortgage Rates

MCLEAN, Va., Nov. 12, 2020 (GLOBE NEWSWIRE) — Freddie Mac Thursday released the results of its Primary Mortgage Market Survey, showing that the 30-year fixed-rate mortgage (FRM) averaged 2.84 percent.

“Mortgage rates jumped this week as a result of positive news about a COVID-19 vaccine,” said Sam Khater, Freddie Mac’s Chief Economist. “Despite this rise, mortgage rates remain about a percentage point below a year ago and the low rate environment is supportive of both purchase and refinance demand. Heading into late fall, the housing market continues to grow and buttress the economy.”

News Facts

• 30-year fixed-rate mortgage averaged 2.84 percent with an average 0.7 point for the week ending November 12, 2020, up from last week when it averaged 2.78 percent. A year ago at this time, the 30-year FRM averaged 3.75 percent.

• 15-year fixed-rate mortgage averaged 2.34 percent with an average 0.6 point, up from last week when it averaged 2.32. A year ago at this time, the 15-year FRM averaged 3.20 percent.

• 5-year Treasury-indexed hybrid adjustable-rate mortgage(ARM) averaged 3.11 percent with an average 0.4 point, up from last week when it averaged 2.89 percent. A year ago at this time, the 5-year ARM averaged 3.44 percent.