30-Year Mortgages Drop to 4.22% This Week

Fixed-rate mortgages dropped this week due to weaker economic data, particularly a decline in manufacturing growth and overall inflation rates, says Frank Nothaft, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages in mortgage rates for the week ending Nov. 21:

• 30-year fixed-rate mortgages: averaged 4.22 percent, with an average 0.7 point, dropping from last week’s 4.35 percent average. Last year at this time, 30-year rates averaged 3.31 percent. 
• 15-year fixed-rate mortgages: averaged 3.27 percent, with an average 0.7 point, dropping from last week’s 3.35 percent average. A year ago, 15-year rates averaged 2.63 percent. 
• 5-year hybrid adjustable-rate mortgages: averaged 2.95 percent, with an average 0.5 point, dropping from last week’s 3.01 percent average. Last year at this time, 5-year ARMs averaged 2.74 percent. 
• 1-year ARMs: averaged 2.61 percent, with an average 0.4 point, holding steady from last week. A year ago, 1-year ARMs averaged 2.56 percent. 

Source: Freddie Mac