According to Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 3.73 percent. This week's 30-year fixed mortgage rate increase is the largest week-to-week uptick since October 2018.
Sam Khater, Freddie Mac's Chief Economist says, "Despite the rise in mortgage rates, economic data improved this week - particularly housing activity, which gained momentum with a noticeable rise in purchase demand and new construction. Homebuyers flocked to lenders with purchase applications, which were up fifteen percent from a year ago and residential construction permits increased twelve percent from a year ago to 1.4 million, the highest level in twelve years. While there was initially a slow response to the overall lower mortgage rate environment this year, it is clear that the housing market is finally improving due to the strong labor market and low mortgage rates."
Freddie Mac News Facts
30-year fixed-rate mortgage averaged 3.73 percent with an average 0.5 point for the week ending September 19, 2019, up from last week when it averaged 3.56 percent. A year ago at this time, the 30-year FRM averaged 4.65 percent.
15-year fixed-rate mortgage averaged 3.21 percent with an average 0.5 point, up from last week when it averaged 3.09 percent. A year ago at this time, the 15-year FRM averaged 4.11 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.49 percent with an average 0.4 point, up from last week when it averaged 3.36 percent. A year ago at this time, the 5-year ARM averaged 3.92 percent.
International property consultant CBRE is reporting this week that global commercial real estate investment volume in Q4 of 2019, including entity-level deals, was nearly level (-0.5%) with Q4 2018, while full-year volume fell by 2% from 2018.
According to new research by Zillow, the total value of every home in the U.S. is $33.6 trillion, nearly as much as the GDP of the two largest global economies combined -- the U.S. ($20.5 trillion) and China ($13.6 trillion).
Based on research from Learnbonds.com indicates that U.S. mortgage debt is now the highest since the Great Depression in 2008. The outstanding US mortgage debt which has been growing steadily in recent years hit a record high of $15.8 trillion in Q3 2019.