Based on Freddie Mac's latest Primary Mortgage Market Survey the first week of January 2019, the New Year started with lower mortgage rates across the board in the U.S.
Sam Khater, Freddie Mac's chief economist, says, "Mortgage rates declined to start the new year with the 30-year fixed-rate mortgage dipping to 4.51 percent. Low mortgage rates combined with decelerating home price growth should get prospective homebuyers excited to buy. However, it will be interesting to see how the recent turmoil in the stock market will affect homebuying activity in the coming months."
Freddie Mac News Facts:
30-year fixed-rate mortgage (FRM) averaged 4.51 percent with an average 0.5 point for the week ending January 3, 2019, down from last week when it averaged 4.55 percent. A year ago at this time, the 30-year FRM averaged 3.95 percent.
15-year FRM this week averaged 3.99 percent with an average 0.4 point, down from last week when it averaged 4.01 percent. A year ago at this time, the 15-year FRM averaged 3.38 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.98 percent with an average 0.2 point, down from last week when it averaged 4.00 percent. A year ago at this time, the 5-year ARM averaged 3.45 percent.
According to the Mortgage Bankers Association's latest Weekly Mortgage Applications Survey for the week ending December 28, 2018, U.S. mortgage applications decreased 9.8 percent from two weeks earlier.
According to Freddie Mac's latest Primary Mortgage Market Survey, U.S. mortgage rates continued their downward trend to end the week and 2018 lower. Rates continued their two-month slide and are currently hovering around the same level as the early summer.
Nearly three out of four American households believe that the nation is suffering a housing affordability crisis, and a majority of respondents reported this is a problem at their local and state level as well.
A handful of metro areas that spent the past year competing for Amazon's second headquarters - including Washington, D.C., one of the winners - are expected to see their home-value growth outpace the nation in the coming year.
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