This week, the average U.S. fixed rate for a 30-year
mortgage fell to 3.66%. That’s 9 basis points above last week’s 3.75% and
more than a percentage point below the 4.81% of the year-earlier
week, according to the Freddie Mac Primary Mortgage Market
Survey.

“The housing market continues to steadily gain momentum with rising homebuyer demand and increased construction due to the strong job market, ebullient market sentiment and low mortgage rates,” said Sam Khater, Freddie Mac’s chief economist. “Residential real estate accounts for one-sixth of the economy, and the improving real estate market will support economic growth heading into next year.”

The 15-year FRM averaged 3.15% this week, declining from
last week’s 3.2%. This time last year, the 15-year FRM came in at 4.24%.

The five-year Treasury-indexed hybrid adjustable-rate
mortgage averaged 3.39%, retreating from last week’s rate of 3.44%. Last
year, the 5-year ARM was much higher at 4.09%.

The image below highlights this week’s changes:

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