According to Freddie Mac's latest Primary Mortgage Market Survey, the average U.S. mortgage rate remaining largely unchanged from last week's year-to-date low.
Sean Becketti, chief economist of Freddie Mac says, "Following a sharp decline last week, the 10-year Treasury yield rose 11 basis points this week. The 30-year mortgage rate, however, remained unchanged at 3.78 percent. If Treasury yields continue to rise, mortgage rates could see an increase in next week's survey."
Freddie Mac News Facts
30-year fixed-rate mortgage (FRM) averaged 3.78 percent with an average 0.5 point for the week ending September 14, 2017, the same as last week. A year ago at this time, the 30-year FRM averaged 3.50 percent.
15-year FRM this week averaged 3.08 percent with an average 0.5 point, the same as last week. A year ago at this time, the 15-year FRM averaged 2.77 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.13 percent this week with an average 0.4 point, down from last week when it averaged 3.15 percent. A year ago at this time, the 5-year ARM averaged 2.82 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.