Nebraska Mortgage Rates | November 12 2021

November 12, 2021
Michael Petrovich
Uncategorized

Weekly Rate Update

Rates fluctuate every day and are based on several factors. For an exact rate quote, submit your request HERE for a free evaluation.

PMMS 11/10/2021

Mortgage rates fell below 3% in the week ending November 10. The 30-year fixed-rate mortgage declined to 2.98% last week, falling 11 basis points from 3.09% the week prior. A year ago at this time, the average 30-year fixed-rate loan averaged 2.84%.

“Despite the re-acceleration of economic growth, the recent bond rally drove mortgage rates down for the second consecutive week,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “These low mortgage rates, combined with the tailwind of first-time homebuyers entering the market, means that purchase demand will remain strong into next year. However, affordability pressures continue to be an ongoing concern for homebuyers.”

MBA 11/10/2021

Mortgage applications increased 5.5% from the previous week. Although overall activity remains close to January 2020 lows, homeowners acted on the decrease in rates. Refinance activity was up 7 percent overall, with gains in both conventional and government refinances.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) decreased to 3.16% from 3.24%.

“Purchase applications were also strong last week, increasing just under 3% and down only 4% from last year’s pace,” Kan added.

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