The survey was conducted among people from various financial institutions, such as banks, credit unions and online lenders, in all 50 states.
The average 30-year fixed rate mortgage fell to 3.04%, which is the lowest it has been since Freddie Mac started tracking rates back in 1971. This has created an incredibly favorable market for buyers looking to buy a home and refinance an existing loan. This is a great time to lock in a lower interest rate as the opportunity may not last long. Additionally, the 15-year fixed rate mortgage also fell to a record low of 2.45%.
The recent drop in mortgage rates can be attributed to several different factors including the news of a potentially divided US government, which caused investors to move away from riskier investments such as stocks and into more stable investments such as bonds. As bond prices rose, yields dropped and mortgage rates followed suit. Other factors influencing the current rates include the potential for increased government spending on infrastructure, which could help stimulate the economy and could lead to a decrease in unemployment.
Overall, the news out of Washington has been beneficial for the mortgage market. Buyers looking to purchase a home or refinance their existing loans should take advantage of the current market conditions and lock in a lower interest rate while they still can.
The Vantage Mortgage Group’s Weekly Interest Rate Tracker for the week of November 17, 2021 shows mortgage rates at record low levels across the United States. The average 30-year fixed rate mortgage fell to 3.04% and the 15-year fixed rate mortgage fell to 2.45%. These record lows create a favorable market for buyers looking to buy a home or refinance their existing loans. A variety of factors have contributed to these record lows, including news of a divided government, potential increases in infrastructure spending, and investors moving away from riskier investments and towards more stable investments, such as bonds, resulting in lower yields and mortgage rates. The current market conditions present a great opportunity for those looking to buy a home or refinance their loans. It is recommended to take advantage of this opportunity and lock in a lower interest rate while they still can.
This article was contributed on Nov 11, 2023