According to Freddie Mac's latest Primary Mortgage Market Survey (PMMS), average fixed mortgage rates moved down slightly this week and remaining near their 2015 lows as the spring home buying season continues.
Freddie Mac's deputy chief economist Len Kiefer said, "Mortgage rates fell slightly to 3.65 percent this week, positive news for potential home buyers in the market this spring. Purchase applications in 60 of the 100 markets that MiMi tracks are up from the same time last year, including 20 markets that are showing double-digit increases. Reinforcing this positive momentum, existing home sales surged 6.1 percent to a seasonally adjusted annual rate of 5.19 million units in March, the highest annual rate since September 2013. Housing inventory rose 5.3 percent to 2 million homes for sale, but unsold inventory was little changed at a 4.6 month supply."
Freddie Mac Report Facts:
30-year fixed-rate mortgage (FRM) averaged 3.65 percent with an average 0.6 point for the week ending April 23, 2015, down from last week when it averaged 3.67 percent. A year ago at this time, the 30-year FRM averaged 4.33 percent.
15-year FRM this week averaged 2.92 percent with an average 0.6 point, down from last week when it averaged 2.94 percent. A year ago at this time, the 15-year FRM averaged 3.39 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.84 percent this week with an average 0.4 point, down from last week when it averaged 2.88 percent. A year ago, the 5-year ARM averaged 3.03 percent.
1-year Treasury-indexed ARM averaged 2.44 percent this week with an average 0.4 point, down from last week when it averaged 2.46 percent. At this time last year, the 1-year ARM averaged 2.44 percent.
According to the National Association of Realtors, pending home sales in the U.S. continued to ascend in June 2019, marking two consecutive months of growth. Each of the four major regions recorded a rise in contract activity, with the West experiencing the highest surge.
According to Transwestern Commercial Services' Second-Quarter 2019 New Jersey Industrial Market Report, the overall vacancy rate across the state has improved to an historical low of 3.6%, marking the fifth consecutive quarter of vacancy rates less than 4%.
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