Mortgage rates continued a general downward trend during the week ended November 16 with the long term rate retreating substantially.
According to Freddie Mac and its Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 6.24 percent. This was 9 basis points below the average rate for the week ended November 9 and 14 basis points lower than the rate one year ago.
The 15-year FRM also dropped nine basis points to 5.94 percent with 0.5 point. One year ago this product averaged 5.90 percent.
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