Mortgage Rates in U.S. Decline in Early November

Most recent Primary Mortgage Market Survey for November 2018, U.S. mortgage rates dropped slightly after last week’s increases.

Sam Khater, an economist, says, “While higher mortgage rates have led to a decline in home sales this year, the weakness has been concentrated in expensive segments versus entry-level and first-time buyer which remains firm throughout most of the rest of the country. Despite higher mortgage rates, the monthly mortgage payment remains affordable. For many buyers the chronic lack of entry-level supply is a larger hurdle than higher mortgage rates because choices are limited and the inventory shortage has caused home prices to rise well above fundamentals.”

Click here to watch weekly episodes of our Housing Development Programme on AIT

News Fact

  • 30-year fixed-rate mortgage (FRM) averaged 4.83 percent with an average 0.5 point for the week ending November 1, 2018, down from last week when it averaged 4.86 percent. A year ago at this time, the 30-year FRM averaged 3.94 percent.
  • 15-year FRM this week averaged 4.23 percent with an average 0.5 point, down from last week when it averaged 4.29 percent. A year ago at this time, the 15-year FRM averaged 3.27 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.04 percent with an average 0.3 point, down from last week when it averaged 4.14 percent. A year ago at this time, the 5-year ARM averaged 3.23 percent.

Source: WPJ Staff

Follow Us on Social Media
(Visited 13 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *

WP Facebook Auto Publish Powered By : XYZScripts.com
Translate »

Join over 14, 700 professionals who have subscribed to Housing News!

You have successfully subscribed to our newsletter

There was an error while trying to send your request. Please try again.

Housing News will use the information you provide on this form to be in touch with you and to provide updates and marketing.
%d bloggers like this: