Results of its Primary Mortgage Market Survey® by Freddie Mac, showed an average 30-year fixed mortgage rate declining slightly leading up into this Thanksgiving holiday. The average 30-year fixed rate mortgage hasn't budged above 4 percent since the week of July 23rd, which has helped affordability for prospective homebuyers in wake of increased home prices.
This behavior is the result of low levels of inventory in many markets. Mortgage applications however have been a bit of a mixed bag in the later part of November. The holidays have already put a split in market data as application activity was reported down by nearly 3.2 percent. This data includes adjustment for that week's Veterans' Day holiday. The Refinance share of all mortgage applications increased very slightly, nearly .01 percent. The seasonally adjusted Purchase Index dipped 1 percent from the previous week but rose 5 percent on an unadjusted basis. An interesting time to say the least, but leaves opportunity for seasonal gains before the new year.
(data according to the The Mortgage Bankers Association’s Market Composite Index.)
