Mortgage Rates Go Into A Slump

Mortgage rates were in decline this week, according to the Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 7.5% as of Nov. 9, down from last week when it averaged 7.76%. A year ago at this time, it averaged 7.08%

The 15-year fixed-rate mortgage averaged 6.81%, down from last week when it averaged 7.03%. A year ago at this time, it averaged 6.38%.

“As Treasury yields decline, the 30-year fixed-rate mortgage dropped a quarter of a percent, the largest one-week decrease since last November,” said Sam Khater, Freddie Mac’s chief economist. “Incoming data show that household debt continues to rise, primarily due to mortgage, credit card and student loan balances. Many consumers are feeling strained by the high cost of living, so unless mortgage rates decrease significantly, the housing market will remain stagnant.”