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Mortgage Rates

Mortgage Rates This Week

November 18, 2022

Freddie Mac reports the following national averages with mortgage rates for the week.

  • Mortgage rates slid this week after economic data showed inflation may be easing.

    The 30-year fixed-rate mortgage averaged 6.61% as of Nov. 17, according to data released by Freddie Mac FMCC, +2.08% Thursday, lower than the 7.08% rate seen last week. It was the biggest weekly decline since 1981. Still, the 30- year was averaging at 3.10% at this point last year. 

    “Mortgage rates tumbled this week due to incoming data that suggests inflation may have peaked,” Sam Khater, chief economist at Freddie Mac, said in a statement. “While the decline in mortgage rates is welcome news, there is still a long road ahead for the housing market. Inflation remains elevated, the Federal Reserve is likely to keep interest rates high and consumers will continue to feel the impact.”

    The 15-year fixed-rate mortgage averaged 5.98% this week, also lower than last week’s 6.38%. 

    Mortgage applications, however, were up 2.7% on a seasonally adjusted basis for the week ending Nov. 11 when compared to the week prior, according to a Mortgage Bankers Association survey published Wednesday. 
  • Freddie Mac reports average commitment rates along with average points to better reflect the total upfront cost of obtaining a mortgage.

 

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 In Today's Real Estate Market. You need a REALTOR to assist you who has the day to day knowledge of the Current Market Conditions. I am that someone! Sometimes from the start to the finish of the buying process, things, rules, laws change. I pride myself in knowing the latest updates in all aspects of the Buying, Selling, Loan Process, Appraisals & Title Insuring ins and outs. Today's market can get a little confusing and hard to understand. But, I work with only the best and brightest team of Professionals to get you through this ever changing Real Estate process.

 

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