According to Freddie Mac's latest Primary Mortgage Market Survey, the average mortgage rates hitting their lowest mark of the year in Mid-May 2017.
Sean Becketti, chief economist of Freddie Mac said, "As we predicted, the 30-year mortgage rate fell 7 basis points this week in a delayed reaction to last week's sharp drop in Treasury yields. The survey rate stands at 3.95 percent today, a new low for the year."
Freddie Mac News Facts
30-year fixed-rate mortgage (FRM) averaged 3.95 percent with an average 0.5 point for the week ending May 25, 2017, down from last week when it averaged 4.02 percent. A year ago at this time, the 30-year FRM averaged 3.64 percent.
15-year FRM this week averaged 3.19 percent with an average 0.5 point, down from last week when it averaged 3.27 percent. A year ago at this time, the 15-year FRM averaged 2.89 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.07 percent this week with an average 0.4 point, down from last week when it averaged 3.13 percent. A year ago at this time, the 5-year ARM averaged 2.87 percent.
This week Amazon announced their final selection for the location of their second headquarters. In a change to the original plan, Amazon decided to split the location of their new headquarters between two cities choosing New York and Northern Virginia.
According to CBRE's Q3 2018 Manhattan retail market report, New York City retail rents continued to drop during the third quarter, but forecasters are optimistic for the impending holiday shopping season.