According to Freddie Mac's latest Primary Mortgage Market Survey, fixed mortgage rates in the U.S. posted a fourth consecutive week of increases.
Sam Khater, Freddie Mac's chief economist, says, "Despite the recent rise in mortgage rates, both existing and new home sales continue to show strength - indicating the lagged effect of lower rates on housing demand. This, along with improved affordability, should push housing activity higher in the coming months."
Freddie Mac News Facts
30-year fixed-rate mortgage (FRM) averaged 4.20 percent with an average 0.5 point for the week ending April 25, 2019, up from last week when it averaged 4.17 percent. A year ago at this time, the 30-year FRM averaged 4.58 percent.
15-year FRM this week averaged 3.64 percent with an average 0.5 point, up from last week when it averaged 3.62 percent. A year ago at this time, the 15-year FRM averaged 4.02 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.77 percent with an average 0.4 point, down from last week when it averaged 3.78 percent. A year ago at this time, the 5-year ARM averaged 3.74 percent.
The Federal Reserve cut its federal funds rate today by 25 basis points (bps) to a range of 2.0% to 2.25%. This cut represents a marked change in the direction of monetary policy in the first half of 2019.
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
Existing-home sales in the U.S. weakened in June 2019, as total sales saw a small decline after a previous month of gains. While two of the four major U.S. regions recorded minor sales jumps, the other two - the South and the West - experienced greater declines last month.
According to Freddie Mac's latest Primary Mortgage Market Survey, after declining for most of 2019, U.S. mortgage rates remained mostly unchanged this first week of July. The recent stabilization in mortgage rates reflects modestly improving U.S. economic data.
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