--- title: Mortgage Rates Below 3 Percent After Falling Two Straight Weeks description: After falling two consecutive weeks, U.S. mortgage rates dipped below 3 percent again, according to Freddie Mac's weekly Primary Mortgage Market Survey.  image: https://info.buyersbrokersonly.com/hubfs/social-suggested-images/Couple_Sitting_Floor_Boxes_300x250-thumb-300x250-138956-3.jpg --- (978) 835-5906             [![Search Icon](https://info.buyersbrokersonly.com/hs-fs/hubfs/Search%20Icon.png?width=30&height=30&name=Search%20Icon.png)](https://info.buyersbrokersonly.com/search-results-page) [![Buyers Brokers Only, LLC – Real Estate Buyer Agents](https://info.buyersbrokersonly.com/hs-fs/hubfs/2023%20BBO%20Logo%20800x170.png?width=1600&height=340&name=2023%20BBO%20Logo%20800x170.png "Buyers Brokers Only, LLC – Real Estate Buyer Agents")](https://www.buyersbrokersonly.com/) # Massachusetts Home Buyer Guide ![smaller-dotted-line.png](https://cdn2.hubspot.net/hub/298849/file-263826832-jpg/true_gray_line_websites.jpg?width=1175&name=true_gray_line_websites.jpg "smaller-dotted-line.png") ## [Mortgage Rates Below 3 Percent After Falling Two Straight Weeks](https://info.buyersbrokersonly.com/blog/mortgage-rates-below-3-percent-after-falling-two-straight-weeks) Nov 15, 2021 1:40:00 PM After dropping for two consecutive weeks, U.S. mortgage interest rates dipped below 3 percent again, according to Freddie Mac's weekly Primary Mortgage Market Survey.  ![Couple_Sitting_Floor_Boxes_300x250-thumb-300x250-138956-3](https://info.buyersbrokersonly.com/hs-fs/hubfs/social-suggested-images/Couple_Sitting_Floor_Boxes_300x250-thumb-300x250-138956-3.jpg?width=300&name=Couple_Sitting_Floor_Boxes_300x250-thumb-300x250-138956-3.jpg)The [30-year, fixed-rate mortgage loan](https://info.buyersbrokersonly.com/loan) averaged 2.98 percent for the week ending November 10, 2021, with an average of 0.7 points, down 11 basis points from 3.09 percent the previous week. A year ago, the 30-year note averaged 2.84 percent.   "Despite the re-acceleration of economic growth, the recent bond rally drove [mortgage](https://www.buyersbrokersonly.com/buying/massachusetts-mortgage-resource-center) rates down for the second consecutive week," Sam Khater, Freddie Mac's Chief Economist, said. "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." Indeed, the median home price in [Massachusetts](https://info.buyersbrokersonly.com/guide-to-the-home-buying-process-massachusetts), New Hampshire, and Rhode Island has significantly increased in 2021.   In Massachusetts, the [median price of a single-family home](https://info.buyersbrokersonly.com/homebuyer-checklist-massachusetts) increased 7.1 percent to $525,000 in September compared to September 2020, according to data from the Massachusetts Association of Realtors. September was the first month in 2021 that didn't experience a double-digit median price increase on a year-over-year basis. Massachusetts condominium prices rose 9.5 percent in September to $460,000.  In [New Hampshire](https://info.buyersbrokersonly.com/guide-to-the-home-buying-process-in-new-hampshire), the median home price in September 2021 rose 14.1 percent compared to the previous September to $400,000, the New Hampshire Association of Realtors reported. The median condo price increased 20.3 percent to $300,000. [Rhode Island homebuyers](https://www.buyersbrokersonly.com/buying/how-to-buy-a-home-in-rhode-island) saw a 13.3 percent spike in the median price of single-family homes in September to $385,000, according to the Rhode Island Association of Realtors. Condominium prices rose much more modestly, rising 1.9 percent to $270,000.  The 15-year, fixed-rate mortgage loan, a popular choice for homeowner's refinancing, averaged 2.27 percent, with an average of 0.6 points, a drop from 2.35 percent the previous week. During the same week last year, the 15-year loan averaged 2.34 percent.  The five-year, adjustable-rate mortgage (ARM) averaged 2.53 percent, with an average of 0.4 points, compared to 2.54 percent the prior week and 3.11 percent the year before.  ### Mortgage Applications Mixed   Mortgage applications to purchase a home increased from the previous week but declined on a year-over-year basis, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending November 10, 2021 The seasonally adjusted "Purchase Index" increased 3 percent from one week earlier. The unadjusted Purchase Index increased 0.1 percent compared with the previous week but was 4 percent lower than the same week in 2020. 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