Based on Freddie Mac's latest Primary Mortgage Market Survey, U.S. mortgage rates dropped with the beginning of spring homebuying season in mid-March 2019.
Sam Khater, Freddie Mac's chief economist, says, "Mortgage rates have dipped quite dramatically since the start of the year and house prices continue to moderate, which should help on the homebuyer affordability front. The combination of improving affordability and more inventory than the last few spring selling seasons should lead to improved home sales demand."
Freddie Mac News Facts
30-year fixed-rate mortgage (FRM) averaged 4.28 percent with an average 0.4 point for the week ending March 21, 2019, down from last week when it averaged 4.31 percent. A year ago at this time, the 30-year FRM averaged 4.45 percent.
15-year FRM this week averaged 3.71 percent with an average 0.4 point, down from last week when it averaged 3.76 percent. A year ago at this time, the 15-year FRM averaged 3.91 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.84 percent with an average 0.3 point, unchanged from last week. A year ago at this time, the 5-year ARM averaged 3.68 percent.
According to HUD, the U.S. national vacancy rate in the first quarter 2019 was 7.0 percent for rental housing and 1.4 percent for homeowner housing. The rental vacancy rate of 7.0 percent was virtually unchanged from the rate in the first quarter 2018.
According to a report from the U.S. Housing and Urban Development and Commerce Department, total housing starts fell 0.3 percent in March 2019 to a seasonally adjusted annual rate of 1.14 million units from a downwardly revised reading in February 2019.
According to Freddie Mac's latest Primary Mortgage Market Survey, U.S. mortgage rates rose modestly this 2nd week of April 2019, with the 30-year fixed-rate averaging 4.12 percent. Rates moved up slightly this week while mortgage applications decreased following last week's jump in rates.
A total of 161,875 U.S. properties with a foreclosure filing during the first quarter of 2019, down 23 percent from the previous quarter and down 15 percent from a year ago to the lowest level since Q1 2008.
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