Freddie Mac's latest Primary Mortgage Market Survey for the first week of May 2017 is reporting the 30-year mortgage rate is still hovering around 4 percent for the fourth consecutive week.
Sean Becketti, chief economist of Freddie Mac says, "The 10-year Treasury yield jumped 8 basis points this week while the 30-year mortgage rate rose 3 basis points to 4.05 percent. Mixed economic reports over the last few weeks have anchored the 30-year mortgage rate around the 4 percent mark."
Freddie Mac News Facts
30-year fixed-rate mortgage (FRM) averaged 4.05 percent with an average 0.5 point for the week ending May 11, 2017, up from last week when it averaged 4.02 percent. A year ago at this time, the 30-year FRM averaged 3.57 percent.
15-year FRM this week averaged 3.29 percent with an average 0.5 point, up from last week when it averaged 3.27 percent. A year ago at this time, the 15-year FRM averaged 2.81 percent.
According to Zillow, saving for a down payment is a moving target for many first-time buyers, especially in pricey markets like Seattle and San Jose, where home values are expected to rise as much as $36,000 over the next year.
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 a new report by Redfin, for every dollar of home equity single men earned over five years in the U.S., single women earned just 92 cents. Redfin looked at 199,387 homes sold in 18 of the largest metros in 2012.
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.