According to Freddie Mac's latest Primary Mortgage Market Survey, U.S. mortgage rates stabilized in early July 2019, after trading within a narrow range over the last month.
Sam Khater, Freddie Mac's chief economist, says, "We're seeing a tug of war happen as the fixed income market flashes warning signs while the equities market continues to march higher with optimism."
"The data suggests the economy is weakening but is still on very solid ground with high consumer confidence and a strong labor market. Closer to home, the housing market continues to slowly improve and gain momentum as we head into the second half of the year, which is good news and should keep the economy growing," he concludes.
Freddie Mac News Facts
30-year fixed-rate mortgage (FRM) averaged 3.75 percent with an average 0.6 point for the week ending July 3, 2019, up from last week when it averaged 3.73 percent. A year ago at this time, the 30-year FRM averaged 4.52 percent.
15-year FRM averaged 3.18 percent with an average 0.5 point, up from last week when it averaged 3.16 percent. A year ago at this time, the 15-year FRM averaged 3.99 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.45 percent with an average 0.4 point, up from last week when it averaged 3.39 percent. A year ago at this time, the 5-year ARM averaged 3.74 percent.
Based on new data from the Mortgage Bankers Association, U.S. mortgage credit availability increased in May 2019 according to the Mortgage Credit Availability Index (MCAI). The MCAI rose 1.9 percent to 189.5 in May.