Mortgage rates took their largest weekly drop in nearly four years during the week of Thanksgiving.
For the week ending November 21, 30-year fixed mortgage rates averaged 4.81 percent, according to the Freddie Mac Primary Mortgage Market Survey. The previous two weeks, 30-year rates were 4.94 percent. A year ago, the average 30-year rate was 3.92 percent.
Fifteen-year rates dropped by an even larger margin, from 4.36 percent to 4.24 percent last week. Last year’s average 15-year rate was 3.32 percent.
The average rate for a 5-year adjustable rate mortgage was 4.09 percent, a drop from 4.14 percent the week before. A year ago at this time, the 5-year ARM averaged 3.22 percent.
“The downward spiral in oil prices and a volatile equities market caused mortgage rates to decline 13 basis points to 4.81 percent, the largest weekly drop since January 2015,” said Freddie Mac Chief Economist Sam Khater.
“Mortgage rates are the lowest since early October and the dip offers a window of opportunity for would-be buyers that have been on the fence waiting for a drop in mortgage rates.”