According to Freddie Mac's latest Primary Mortgage Market Survey, the average 30-year fixed mortgage rate inched lower in the U.S> in late November 2017.
Freddie Mac's Deputy Chief Economist Len Kiefer said, "The 30-year fixed mortgage rate fell two basis points to 3.9 percent in this week's survey, but we closed our survey prior to a surge in long-term interest rates following an upward revision to third quarter U.S. Real GDP growth and comments by Federal Reserve Chair Yellen touting a broad-based economic expansion."
Kiefer continued, "The market implied probability of a Fed rate hike in December neared 100 percent, helping to drive short term interest rates higher. The 5/1 Hybrid ARM, which is more sensitive to short-term rates than the 30-year fixed mortgage, increased 10 basis points to 3.32 percent in this week's survey. The spread between the 30-year fixed mortgage and 5/1 Hybrid ARM is just 58 basis points this week, the lowest spread since November of 2012."
Freddie Mac News Facts:
30-year fixed-rate mortgage (FRM) averaged 3.90 percent with an average 0.5 point for the week ending November 30, 2017, down from last week when it averaged 3.92 percent. A year ago at this time, the 30-year FRM averaged 4.08 percent.
15-year FRM this week averaged 3.30 percent with an average 0.5 point, down from last week when it averaged 3.32 percent. A year ago at this time, the 15-year FRM averaged 3.34 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.32 percent this week with an average 0.3 point, up from last week when it averaged 3.22 percent. A year ago at this time, the 5-year ARM averaged 3.15 percent.
pending U.S. home sales rebounded strongly in October 2017 following three straight months of diminishing activity, but still continued their recent slide of falling behind year ago levels. All major regions except for the West saw an increase in contract signings last month.
According to Freddie Mac's latest Primary Mortgage Market Survey, the average U.S. mortgage rate slightly dipped across the board. 30-year fixed-rate mortgage (FRM) averaged 3.90 percent with an average 0.4 point for the week ending November 9, 2017.
According to the Mortgage Bankers Association, U.S. multifamily lending was up 8 percent year over year in 2016, with nearly three thousand different multifamily lenders providing a total of $269.2 billion in new mortgages for apartment buildings with five or more units.
According to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending September 8, 2017, U.S. mortgage applications increased 9.9 percent from one week earlier. This week's results included an adjustment for the Labor Day holiday.