Mortgage rates continue to hit new lows

30-year fixed rate mortgage averages 2.72% for the week ending Nov. 19, 2020, its lowest level in the Freddie Mac Primary Mortgage Market Survey's history dating back to 1971.

Compares with 2.84% in prior week and 3.66% at this time a year ago.

"Weaker consumer spending data, which accounts for the majority of economic growth, drove mortgage rates to a new record low," said Sam Khater, Freddie Mac’s chief economist. "While economic growth remains unstable, strong housing demand continues to have a domino effect on many other segments of the economy."

15-year FRM averages 2.28% vs. 2.34% a week earlier and 3.15% a year ago.

5-year Treasury-indexed hybrid adjustable rate mortgage averages 2.85% vs. 3.11% in prior week and 3.39% a year ago.