According to Freddie Mac's latest Primary Mortgage Market Survey for mid-August 2019, the 30-year fixed-rate mortgage rate in the U.S. averaged 3.60 percent, unchanged from last week.
Sam Khater, Freddie Mac's chief economist, says, "The sound and fury of the financial markets continue to warn of an impending recession, however, the silver lining is mortgage demand reached a three-year high this week. The decline in mortgage rates over the last month is causing a spike in refinancing activity - as homeowners currently have $2 trillion in conventional mortgage loans that are in the money - which will help support consumer balance sheets and increase household cash flow. On top of that, purchase demand is up seven percent from a year ago."
Freddie Mac News Facts:
30-year fixed-rate mortgage averaged 3.60 percent with an average 0.5 point for the week ending Aug 15, 2019, unchanged from last week. A year ago at this time, the 30-year FRM averaged 4.53 percent.
15-year FRM averaged 3.07 percent with an average 0.5 point, up from last week when it averaged 3.05 percent. A year ago at this time, the 15-year FRM averaged 4.01 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.35 percent with an average 0.3 point, down from last week when it averaged 3.36 percent. A year ago at this time, the 5-year ARM averaged 3.87 percent.
The changes, many of which NAR has championed for over a decade, should yield thousands of new homeownership opportunities and help alleviate affordability restraints impacting markets across the country.
Knight Franks' latest Prime Global Cities Index, which tracks the movement in luxury residential prices across 46 International cities, increased by 1.4% in the year to June 2019, up marginally from 1.3% in March 2019 but still significantly lower than its four-year average of 3.8%.
Marking the one-year anniversary of the White House executive order on workforce development this week, Greg Ugalde, chairman of the National Association of Home Builders issued the following statement
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