According to Freddie Mac's latest Primary Mortgage Market Survey (PMMS), U.S. mortgage rates moved higher for the second week in a row, while also only posting the second increase this year making mortgage rates very attractive for the upcoming spring home buying season.
Sean Becketti, chief economist of Freddie Mac says, "The 10-year Treasury yield ended the survey week exactly where it started, however the solid February employment report boosted the yield noticeably on Friday and Monday. Our mortgage rate survey captured the impact of this temporary increase in yield, and the 30-year mortgage rate rose 4 basis points to 3.68 percent. This marks the second increase this year. Nonetheless, the mortgage rate remains 33 basis points lower than its end-of-2015 level."
Freddie Mac PMMS Report Facts:
30-year fixed-rate mortgage (FRM) averaged 3.68 percent with an average 0.5 point for the week ending March 10, 2016, up from last week when it averaged 3.64 percent. A year ago at this time, the 30-year FRM averaged 3.86 percent.
15-year FRM this week averaged 2.96 percent with an average 0.5 point, up from last week when it averaged 2.94 percent. A year ago at this time, the 15-year FRM averaged 3.10 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.92 percent this week with an average 0.4 point, up from last week when it averaged 2.84 percent. A year ago, the 5-year ARM averaged 3.01 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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