U.S. Mortgage Rates Tick Down as Treasury Yields Decline

Based on Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 7.5 percent as  of November 9, 2023.

Sam Khater

"As Treasury yields decline, the 30-year fixed-rate mortgage dropped a quarter of a percent, the largest one-week decrease since last November," said Sam Khater, Freddie Mac's Chief Economist. "Incoming data show that household debt continues to rise, primarily due to mortgage, credit card and student loan balances. Many consumers are feeling strained by the high cost of living, so unless mortgage rates decrease significantly, the housing market will remain stagnant."

Freddie Mac News Facts

• The 30-year fixed-rate mortgage averaged 7.5 percent as of November 9, 2023, down from last week when it averaged 7.76 percent. A year ago at this time, the 30-year FRM averaged 7.08 percent.
• The 15-year fixed-rate mortgage averaged 6.81 percent, down from last week when it averaged 7.03 percent. A year ago at this time, the 15-year FRM averaged 6.38 percent.

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