Today's Mortgage Rates - 11/29/2023
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A Serving of Lower Rates
Fixed mortgage rates declined again this week, marking a full month since their last increase.
Freddie Mac reported today that the average offered interest rate for a conforming 30-year fixed-rate mortgage decreased by fifteen basis points (0.15%), landing at 7.29%. This is the lowest mark for the rate on the most popular mortgage since mid-late September, and the four-week cumulative decline seen here now totals a half-percentage point.
Shorter-term fixed mortgage rates also declined, posting a nine basis point (0.09%) decline to 6.67%, Mortgages with shorter terms are most popular with homeowners looking to refinance, but rates will need to be significantly lower than now to entice many homeowners to change mortgages.
Fixed mortgage rates have retreated somewhat in recent weeks, lessening the appeal of choosing an ARM as an alternative. Freddie Mac's legacy survey data pegs the interest for a hybrid 5/1 ARM at 6.82%, down 19 basis points (0.19%) from last week.
As they are often kept in a lender's portfolio rather than sold to investors, rates on ARMs vary more widely from lender to lender than do fixed-rate mortgages. In contrast to Freddie's survey data, a different observation of offered rates for 5/1 ARMs -- one from the Mortgage Bankers Association's weekly applications survey -- moved in the other direction, with this observation increasing by eleven basis points (0.11%) to 6.76% in the MBA's latest report.
The general tenor of the economic and inflation news of late has been both softer and more favorable, helping interest rates to ease somewhat. The holiday-shortened week also saw very little of the kind of market-moving data that might push interest rates back up or help them to decline much further. We may see that next week when an update to GDP growth is released, along with the Fed's survey of regional economic conditions and the October update for Personal Consumption Expenditure (PCE) price measures.
The Thanksgiving holiday sees financial markets closed tomorrow, and there's only a shortened bond-market session on tap for Friday, lessening the chances for any serious move in interest rates. As such, expect generally flat mortgage rates over the next few days.
Each week in HSH's MarketTrends newsletter, we track and discuss economic conditions that affect mortgage rates and their impact on housing markets and consumers. Read the most recent edition of MarketTrends or subscribe for email delivery.
Current mortgage rates
| Week | 30-year-Fixed | 15-year-Fixed |
|---|---|---|
| 11/22 | 7.290% | 6.670% |
| 11/16 | 7.440% | 6.760% |
| 11/09 | 7.500% | 6.810% |
| 11/02 | 7.760% | 7.030% |
| 10/26 | 7.790% | 7.030% |
| 10/19 | 7.630% | 6.920% |
| 10/12 | 7.570% | 6.890% |
| 10/05 | 7.490% | 6.780% |
| 09/28 | 7.310% | 6.720% |
| 09/21 | 7.190% | 6.540% |
| 09/14 | 7.180% | 6.510% |
| 09/07 | 7.120% | 6.520% |
Mortgage Choices at a Glance
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