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, severely lacking housing inventory levels across the country pinched sales growth and kept home prices rising at a steady clip in nearly all metro areas in the third quarter of 2017.
According to the National Association of Home Builders/Wells Fargo Housing Market Index, U.S. builder confidence in the market for newly-built single-family homes rose four points to a level of 68 in October 2017. This was the highest reading since May 2017.
According to the U.S. Department of Housing and Urban Development and the Commerce Department, nationwide housing starts fell 4.8 percent in July to a seasonally adjusted annual rate of 1.16 million units.