Based on Freddie Mac's latest Primary Mortgage Market Survey, after three weeks of holding fairly steady, the average U.S. mortgage rate ticked up in mid-July, 2019.
Sam Khater, Freddie Mac's chief economist, says, "Mortgage rates moved higher after remaining at around the same level for about three weeks. The rise in rates was driven by continued improvement in consumer spending and partly due to optimism around a forthcoming cut in short term interest rates, which should provide support for business and investor sentiment."
"Despite this slight increase in rates, homebuyers are taking advantage of the multi-year low rates in droves, which is evident in the consistently higher refinance and purchase application volumes. The improvement in housing demand should provide sufficient momentum for the housing market and economy during the rest of the year," he said.
Freddie Mac News Facts
30-year fixed-rate mortgage (FRM) averaged 3.81 percent with an average 0.6 point for the week ending July 18, 2019, up from last week when it averaged 3.75 percent. A year ago at this time, the 30-year FRM averaged 4.52 percent.
15-year FRM averaged 3.23 percent with an average 0.5 point, up from last week when it averaged 3.22 percent. A year ago at this time, the 15-year FRM averaged 4.0 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.48 percent with an average 0.4 point, up from last week when it averaged 3.46 percent. A year ago at this time, the 5-year ARM averaged 3.87 percent.
According to a new U.S. housing report from Redfin, just 9% of offers written by Redfin agents on behalf of their homebuying customers faced a bidding war nationwide in December 2019, down from 12% a year earlier and setting another new 10-year low.
According to CoreLogic's latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and among 20 metropolitan areas, data collected for October 2019 shows a national rent increase of 3.1% year over year, compared to 2.9% in October 2018.
According to data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, sales of newly built, single-family homes in the U.S. increased 1.3 percent to a seasonally adjusted annual rate of 719,000 units in November 2019
According to the National Association of Realtors, existing-home sales fell in November 2019, taking a small step back after October's gains. The Northeast and Midwest both reported growth last month, while the South and West saw sales decline.
There were 49,898 U.S. properties with foreclosure filings in November 2019, down 10 percent from October 2019 and down 6 percent from a year ago. Nationally, one in every 2,713 properties had a foreclosure filing in November 2019.
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