Mortgage rates reversed course this week after increasing for three straight weeks, according to the latest survey from Freddie Mac.
The classic and always fashionable 30-year fixed mortgage slipped below five percent, averaging 4.98 percent during the week ending November 5.
It’s down from 5.03 percent a week earlier and 6.20 percent a year ago; it’s been straddling the five-percent mark for a while now.
Meanwhile, the 15-year fixed fell to 4.40 percent from 4.46 percent last week, and was nearly a point-and-a-half better than the 5.88 percent average seen a year ago.
Even adjustable-rate mortgages saw relief, with the five-year ARM falling to 4.35 percent from 4.42 percent and the one-year ARM dipping 10 basis points to 4.47 percent.
A year ago, the five-year averaged 6.19 percent and the one-year stood at 5.25 percent.
Keep in mind that the mortgage rates above are only good for conforming mortgages with a loan-to-value of 80 percent.
The rates quoted are also at the par rate without any pricing adjustments, which may raise or lower your effective rate.
Jumbo loans continue to price at least a point higher than mortgages with conforming loan amounts.
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