After Weeks of Increases, Rates Drop

November 12, 2019
rates
Rates fell back last week after rising for three straight weeks.

 

For the week ending November 7, Freddie Mac announced that 30-year fixed rates fell to 3.69% from 3.78% the week before. The average for 15-year loans decreased to 3.13% and the average for five-year ARMs moved down as well to 3.39%. A year ago, 30-year fixed rates averaged 4.94%, 1.25% higher than today. "After a year-long slide, rates on home loans hit a cycle low in September 2019 and have risen in six out of the last nine weeks due to modestly better economic data and trade related optimism. The improvement in sentiment has been one of the main drivers behind the surge in equity prices and will provide a halo effect to consumer spending heading into the important holiday shopping season," said Sam Khater, Chief Economist, Freddie Mac.

Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices for Adjustable Rate Mortgages 
Updated November 8, 2019

 

Daily Value

Monthly Value

 

Nov 7

October

6-month Treasury Security

1.58%

1.67%

1-year Treasury Security

1.58%

1.61%

3-year Treasury Security

1.70%

1.53%

5-year Treasury Security

1.74%

1.53%

10-year Treasury Security

1.92%

1.71%

12-month LIBOR

 

1.955% (Oct)

12-month MTA

 

2.240% (Oct)

11th District Cost of Funds

 

1.127% (Sept)

Prime Rate

 

4.75% (Oct)