Mortgage Rates Hit Record Lows–Again
November 21, 2020 | Exodus Realty
Based on data from Freddie Mac, Realtor Magazine is reporting that the 30-year fixed rate mortgage has set another record low—for the 13th time this year.
For the week ending November 19th, the 30-year fixed mortgage rate averaged 2.72%, according to Freddie Mac’s records. This compares to 2.84% the prior week, and 3.66% a year ago.
Freddie Mac also reported that 15-year rate mortgages averaged 2.28%, dropping from 2.34% the previous week. A year ago, that average was 3.15%. For a 5-year hybrid adjustable rate, the current going rate is 2.85%. The prior week saw a 3.11% average, improving from 3.39% a year ago.
The National Association of Realtors reports homebuying activity is the highest its been since 2006. Sales of existing homes jumped by 27% annually, with the Midwest and South reaching all-time highs.
Read more of the story at https://magazine.realtor/daily-news/2020/11/20/mortgage-rates-sink-to-all-time-low-of-272.