Mortgage rates retreat to lowest level since early October

The 30-year fixed-rate mortgage dropped from 4.94% last week, averaging 4.81% for the week ending Nov. 21, 2018. However, this is still an increase from last year’s rate of 3.92%.

“The downward spiral in oil prices and a volatile equities market caused mortgage rates to decline 13 basis points to 4.81%, the largest weekly drop since January 2015,” Freddie Mac Chief Economist Sam Khater said. “Mortgage rates are the lowest since early October and the dip offers a window of opportunity for would be buyers that have been on the fence waiting for a drop in mortgage rates.”

The 15-year FRM averaged 4.24% this week, down from last week’s 4.36%. This time last year, the 15-year FRM was 3.32%.

Source: Housing Wire