According to Freddie Mac's latest Primary Mortgage Market Survey, U.S. mortgage rates moved up slightly in late January 2019, after weeks of moderating.
Sam Khater, Freddie Mac's chief economist, says, "Purchase applications were down this week after soaring early in the year. However, softening house price appreciation along with increasing inventory of homes on the market - and historically low mortgage rates - should give a boost to the spring homebuying season."
Freddie Mac News Facts
30-year fixed-rate mortgage (FRM) averaged 4.46 percent with an average 0.5 point for the week ending January 31, 2019, up from last week when it averaged 4.45 percent. A year ago at this time, the 30-year FRM averaged 4.22 percent.
15-year FRM this week averaged 3.89 percent with an average 0.4 point, up from last week when it averaged 3.88 percent. A year ago at this time, the 15-year FRM averaged 3.68 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.96 percent with an average 0.3 point, up from last week when it averaged 3.90 percent. A year ago at this time, the 5-year ARM averaged 3.53 percent.
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.