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Wednesday, November 25, 2020

Mortgage rates hold at record lows, fueling refinancing

30-year fixed-rate mortgage averages 2.72% for the week ending Nov. 25, unchanged from the previous week, and down from 3.68% at this time a year ago, according to the Freddie Mac Primary Mortgage Market Survey.

The record low rates are fueling a refinance boom, mainly by high-income borrowers, said Freddie Chief Economist Sam Khater.

"On the homebuying side, demand continues to surge, and it has created a seller’s market where inventory is at a record low and home prices are rising, beginning to offset the benefits of the low rates," he adds.

15-year FRM averages 2.28%, unchanged W/W, and down from 3.15% a year ago.

5-year Treasury-indexed hybrid adjustable rate mortgage averages 3.16% vs. 2.85% in the prior week and 3.43% a year ago.

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