Freddie Mac reports that the (average national) 30-year fixed mortgage rate dropped to 6.14% during the week ended Nov. 13 from 6.20% the prior week, marking the second consecutive weekly decline. The 15-year fixed mortgage rate fell to 5.81% from 5.88%, while the five-year adjustable mortgage rate slipped to 5.98% from 6.19%. However, the one-year ARM climbed to 5.33% from 5.25%.
Remarkable Homes predicts that this rate drop will do little or anything to stimulate the real estate market. We believe that rates need to drop below 5.0% before reluctant buyers will openly wade back into this saturated market en mass.
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