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Mortgage rates dip below 7%

MCLEAN, Va. —  Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS), showing the 30-year fixed-rate mortgage (FRM) averaged 6.95%.

“Mortgage rates continue to hover around 7%, as the dynamics of a once-hot housing market have faded considerably,” said Sam Khater, Freddie Mac’s chief economist. “Unsure buyers navigating an unpredictable landscape keeps demand declining while other potential buyers remain sidelined from an affordability standpoint. Yesterday’s interest rate hike by the Federal Reserve will certainly inject additional lead into the heels of the housing market.”

  • 30-year fixed-rate mortgage averaged 6.95% with an average 0.8 point as of November 3, 2022, down from last week when it averaged 7.08%. A year ago at this time, the 30-year FRM averaged 3.09%.
  • 15-year fixed-rate mortgage averaged 6.29% with an average 1.2 point, down from last week when it averaged 6.36%. A year ago at this time, the 15-year FRM averaged 2.35%.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 5.95% with an average 0.2 point, down from last week when it averaged 5.96%. A year ago at this time, the 5-year ARM averaged 2.54%.

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