According to Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed mortgage rate remained around four percent for the fifth consecutive week in mid-May 2017.
Sean Becketti, chief economist of Freddie Mac said, "The 30-year mortgage rate fell 3 basis points this week to 4.02 percent. However, this week's survey closed prior to Wednesday's flight to quality. The delayed impact of the associated decline in Treasury yields may push mortgage rates lower in next week's survey."
Freddie Mac News Facts:
30-year fixed-rate mortgage (FRM) averaged 4.02 percent with an average 0.5 point for the week ending May 18, 2017, down from last week when it averaged 4.05 percent. A year ago at this time, the 30-year FRM averaged 3.58 percent.
15-year FRM this week averaged 3.27 percent with an average 0.5 point, down from last week when it averaged 3.29 percent. A year ago at this time, the 15-year FRM averaged 2.81 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.13 percent this week with an average 0.5 point, down from last week when it averaged 3.14 percent. A year ago at this time, the 5-year ARM averaged 2.80 percent.
According to the National Association of Realtors, existing-home sales in the U.S. pulled back in July 2017 as large declines in the Northeast and Midwest outweighed sales increases in the South and West.
According to Zillow, nearly one in 20 residential ZIP codes in the U.S. meets the definition of a $1 Million Neighborhood, meaning at least 10 percent of the homes there are worth seven figures or more.
According to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI) released this week, rising U.S. home prices offset a quarter-point drop in mortgage interest rates to move housing affordability slightly lower in the second quarter of 2017.
According to the fourth annual Green Building Adoption Index study by CBRE and Maastricht University, after placing second last year, the Chicago market claimed the top spot with 66 percent of its space qualified as green certified.