According to Freddie Mac's latest Primary Mortgage Market Survey, U.S. mortgage rates moderated in mid-November, after increasing last week.
Sam Khater, Freddie Mac's chief economist, says, "Despite recent market volatility, mortgage rates remained steady this week. The stability in mortgage rates reflects the moderation in inflationary pressures in the economy due to lower oil prices and subdued wage growth. On the margin, lower energy costs are a positive for the home sales market, particularly for lower-middle income suburban buyers who spend proportionately more income on transportation costs.
Freddie Mac News Facts
30-year fixed-rate mortgage (FRM) averaged 4.94 percent with an average 0.5 point for the week ending November 15, 2018, unchanged from last week. A year ago at this time, the 30-year FRM averaged 3.95 percent.
15-year FRM this week averaged 4.36 percent with an average 0.4 point, up from last week when it averaged 4.33 percent. A year ago at this time, the 15-year FRM averaged 3.31 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.14 percent with an average 0.3 point, unchanged from last week. A year ago at this time, the 5-year ARM averaged 3.21 percent.
The National Association of Realtors is reporting this week that single female buyers continue to be a powerful force in the U.S. housing market, while low inventory, rising interest rates and increasing home prices remain, holding back first-time buyers despite notable interest in buying a home.