According to Freddie Mac, the mortgage provider (FMCC.OB), interest rates on home loans have seen a slight decrease following a six-week increase. This decline is attributed to recent election outcomes and a federal interest rate cut.
As of November 14, 2024, the average rate for a 30-year fixed-rate mortgage (FRM) is 6.78 percent, down from the previous week's average of 6.79 percent. This represents a decrease from the 7.44 percent average rate recorded at the same time last year.
The 15-year fixed-rate mortgage also saw a reduction, averaging 5.99 percent, slightly lower than last week's 6.0 percent. A year earlier, the rate for this mortgage stood at 6.76 percent.
Sam Khater, Chief Economist at Freddie Mac, remarked, "Although rates have stabilized following a six-week rise, overall affordability continues to pose challenges for potential homebuyers. Our recent research indicates that mortgage payments relative to rental rates for comparable homes remain high compared to historical trends."
