Based on Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage in the U.S. fell to a 10-month low in early February 2019.
Sam Khater, Freddie Mac's chief economist reports, "The U.S. economy remains on solid ground, inflation is contained and the threat of higher short-term rates is fading from view, which has allowed mortgage rates to drift down to their lowest level in 10 months. This is great news for consumers who will be looking for homes during the upcoming spring homebuying season. Mortgage rates are essentially similar to a year ago, but today's buyers have a larger selection of homes and more consumer bargaining power than they did the last few years."
Freddie Mac News Facts
30-year fixed-rate mortgage (FRM) averaged 4.41 percent with an average 0.4 point for the week ending February 7, 2019, down from last week when it averaged 4.46 percent. A year ago at this time, the 30-year FRM averaged 4.32 percent.
15-year FRM this week averaged 3.84 percent with an average 0.4 point, down from last week when it averaged 3.89 percent. A year ago at this time, the 15-year FRM averaged 3.77 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.91 percent with an average 0.3 point, down from last week when it averaged 3.96 percent. A year ago at this time, the 5-year ARM averaged 3.57 percent.
According to the Mortgage Bankers Association, U.S. mortgage credit availability increased in January 2019, based on their latest Mortgage Credit Availability Index (MCAI). The MCAI rose 2.3 percent to 179.0 in January.
According to the National Association of Realtors, pending home sales declined as a whole in December 2018, but for the second straight month the Western region experienced a slight increase. The Pending Home Sales Index decreased 2.2 percent to 99.0 in December, down from 101.2 in November.
Sales of new homes in all four major U.S. regions significantly declined in the last two months of 2018. The year-over-year trend was especially drastic in the Northeast, where new-home sales fell by 16.1 percent in December.
According to a new report by the National Association of Realtors, after two consecutive months of increases, existing-home sales in the U.S. declined in the month of December 2018. None of the four major U.S. regions saw a gain in sales activity last month.
According to the Mortgage Bankers Association's latest Weekly Mortgage Applications Survey for the week ending January 11, 2019, U.S. mortgage applications increased 13.5 percent from one week earlier.
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