According to Freddie Mac's latest Primary Mortgage Market Survey, U.S. mortgage rates rose in early March 2019, after weeks of moderating.
Sam Khater, Freddie Mac's chief economist, says, "While mortgage rates very modestly rose to 4.41 percent this week, they remain below year-ago levels for the fourth week in a row. In late 2018, mortgage rates rose over a full percentage point from the prior year, which was one of the main reasons that weakness in home sales continued into early 2019. However, the impact of recent lower rates and a strong labor market has led to a rise in purchase mortgage demand as we start the spring homebuying season."
Freddie Mac News Facts
30-year fixed-rate mortgage (FRM) averaged 4.41 percent with an average 0.5 point for the week ending March 7, 2019, up from last week when it averaged 4.35 percent. A year ago at this time, the 30-year FRM averaged 4.46 percent.
15-year FRM this week averaged 3.83 percent with an average 0.4 point, up from last week when it averaged 3.77 percent. A year ago at this time, the 15-year FRM averaged 3.94 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.87 percent with an average 0.3 point, up from last week when it averaged 3.84 percent. A year ago at this time, the 5-year ARM averaged 3.63 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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