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Mortgage Rates Plunge

Mortgage rates, or interest rates on home loans, tumbled this week after reaching record levels, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 6.61 percent for the week ending November 17, 2022, down from 7.08 percent last week. A year ago at this time, the average rate was 3.10 percent.

The 15-year FRM this week averaged 5.98 percent, down from 6.38 percent last week. A year ago at this time, the 15-year FRM averaged 2.39 percent.

"Mortgage rates tumbled this week due to incoming data that suggests inflation may have peaked," said Sam Khater, Freddie Mac's Chief Economist. "While the decline in mortgage rates is welcome news, there is still a long road ahead for the housing market. Inflation remains elevated, the Federal Reserve is likely to keep interest rates high and consumers will continue to feel the impact."

Khater added, "Over the last fifty years, Freddie Mac has closely monitored the trajectory of mortgage rates. This week we are launching enhancements to our Primary Mortgage Market Survey methodology that will increase its accuracy and reliability. This new approach will incorporate more detailed data and monitor real-time mortgage rates more closely."

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