According to Freddie Mac's latest Primary Mortgage Market Survey for mid-July, fixed mortgage rates in the U.S. reversed course once again and moving lower amid mixed economic and housing data.
Sean Becketti, chief economist at Freddie Mac says, "U.S. Treasury yields dropped following announcements that many blue chip companies' earnings failed to meet expectations. This drove the 30-year fixed rate mortgage down 5 basis points to 4.04 percent this week. Housing continues to be the bright spot in the economic recovery. Existing home sales beat market expectations coming in at a seasonally adjusted annual rate of 5.49 million homes. This is up 9.6 percent from a year ago and the fastest pace since 2007. Also, housing starts jumped 9.8 percent responding to strong demand in the multifamily market."
Freddie Mac News Facts
30-year fixed-rate mortgage (FRM) averaged 4.04 percent with an average 0.6 point for the week ending July 23, 2015, down from last week when it averaged 4.09 percent. A year ago at this time, the 30-year FRM averaged 4.13 percent.
15-year FRM this week averaged 3.21 percent with an average 0.6 point, down from last week when it averaged 3.25 percent. A year ago at this time, the 15-year FRM averaged 3.26 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97 percent this week with an average 0.5 point, up from last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 2.99 percent.
1-year Treasury-indexed ARM averaged 2.54 percent this week with an average 0.3 point, up from last week when it averaged 2.50 percent. At this time last year, the 1-year ARM averaged 2.39 percent. '
U.S. home prices increased 6.7% in September 2020, compared with September 2019, marking the fastest annual acceleration since May 2014. On a month-over-month basis, home prices increased by 1.1% compared to August 2020.