Based on Freddie Mac's latest Primary Mortgage Market Survey (PMMS), the average fixed mortgage rate was down from the previous week. At 3.89 percent, the average 30-year fixed-rate mortgage is at its lowest level since the week of May 30, 2013.
Freddie Mac chief economist Frank Nothaft commented, "Mortgage rates were down across the board on a week of underwhelming economic releases. New home sales missed consensus expectations by selling at an annual pace of 458,000 units in October and the National Association of Realtors reported that pending home sales dipped in October by 1.1 percent. The ADP's estimate for payroll growth in November was 208,000 jobs, under expectations of 225,000."
Latest Rate Facts:
30-year fixed-rate mortgage (FRM) averaged 3.89 percent with an average 0.5 point for the week ending December 4, 2014, down from last week when it averaged 3.97 percent. A year ago at this time, the 30-year FRM averaged 4.46 percent.
15-year FRM this week averaged 3.10 percent with an average 0.5 point, down from last week when it averaged 3.17 percent. A year ago at this time, the 15-year FRM averaged 3.47 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.94 percent this week with an average 0.5 point, down from last week when it averaged 3.01 percent. A year ago, the 5-year ARM averaged 2.99 percent.
1-year Treasury-indexed ARM averaged 2.41 percent this week with an average 0.4 point, down from last from last week when it averaged 2.44 percent. At this time last year, the 1-year ARM averaged 2.59 percent.
According to CoreLogic's latest Home Price Index for January 2017, U.S. home prices are up both year over year and month over month. Home prices nationwide, including distressed sales, increased year over year by 6.9 percent in January 2017 compared with January 2016
According to a new survey from Zillow Group Mortgages, the majority (53 percent) of current U.S. home shoppers consider rising interest rates to be among the top factors impacting their ability to purchase a home.