Home buyers are seeing a break from rising mortgage rates as the bond market finds its equilibrium, but that doesn’t mean most Americans will save money when they purchase property.
The 30-year fixed-rate mortgage averaged 2.98% for the week ending Nov. 10, down 11 basis points from the previous week, Freddie Mac reported Wednesday. A year ago, the 30-year fixed-rate mortgage was averaging 2.84%.
The 15-year fixed-rate mortgage, meanwhile, sank eight basis points to an average of 2.27%. The 5-year Treasury-indexed adjustable-rate mortgage averaged 2.53%, down one basis point from the previous week.
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