According to Freddie Mac's latest Primary Mortgage Market Survey, the average U.S. mortgage rate stayed within a two basis point range for the third straight week.
Sean Becketti, chief economist of Freddie Mac commented, "The 30-year fixed mortgage fell two basis points to 4.17 percent this week. Rates are at about the same level at which they started the year and have stayed within a two basis point range over the past three weeks. Mixed economic releases such as Friday's jobs report and uncertainty about the Administration's fiscal policies have contributed to the holding pattern in rates."
Freddie Mac News Facts
30-year fixed-rate mortgage (FRM) averaged 4.17 percent with an average 0.4 point for the week ending Feb. 9, 2017, down from last week when it averaged 4.19 percent. A year ago at this time, the 30-year FRM averaged 3.65 percent.
15-year FRM this week averaged 3.39 percent with an average 0.4 point, down from last week when it averaged 3.41 percent. A year ago at this time, the 15-year FRM averaged 2.95 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.21 percent this week with an average 0.4 point, down from last week when it averaged 3.23 percent. A year ago, the 5-year ARM averaged 2.83 percent.
The National Association of Realtors Chief Economist Lawrence Yun issued the following statement in reaction to this past Friday's U.S. Department of Commerce report on Gross Domestic Product (GDP) in the fourth quarter of 2016:
According to the National Association of Realtors, existing-home sales closed out 2016 as the best year in a decade, even as sales declined in December as the result of ongoing affordability tensions and historically low supply levels.