Freddie Mac’s (OTCQB: FMCC) Primary Mortgage Market Survey® on Thursday reported that, after consistent declines in late spring, mortgage rates have stabilized with this week’s 30-year fixed-rate mortgage rate settling in near 3.8% for the third straight week.
Sam Khater, Freddie Mac’s chief economist, said, “While the continued drop in mortgage rates has paused, home-buyer demand has not. This is evident in increased purchase activity and loan amounts, indicating that home buyers still have the willingness and capacity to purchase homes. Today’s low rates, strong job market, solid wage growth and consumer confidence are typically important drivers of home sales.”
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 3.84% with an average 0.5 point for the week ending June 20, 2019, up from last week when it averaged 3.82%. A year ago at this time, the 30-year FRM averaged 4.57%.
- 15-year FRM averaged 3.25% with an average 0.4 point, down from last week when it averaged 3.26%. A year ago at this time, the 15-year FRM averaged 4.04%.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.48% with an average 0.4 point, down from last week when it averaged 3.51%. A year ago at this time, the 5-year ARM averaged 3.83%.
