Freddie Mac’s (OTCQB: FMCC) Primary Mortgage Market Survey®, out Thursday, reports that fixed-rate mortgages held mostly steady over the past week.
Sam Khater, Freddie Mac’s chief economist, said, “Mortgage rates fell for the fourth consecutive week and continued the medium-term trend of lower rates since late 2018. The drop in mortgage rates is causing purchase demand to rise and the mix of demand is skewing to the higher end as more affluent consumers are typically more responsive to declines in rates.”
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 4.06% with an average 0.5 point for the week ending May 23, 2019, down from last week when it averaged 4.07%. A year ago at this time, the 30-year FRM averaged 4.66%.
- 15-year FRM this week averaged 3.51% with an average 0.4 point, down from last week when it averaged 3.53%. A year ago at this time, the 15-year FRM averaged 4.15%.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.68% with an average 0.4 point, up from last week when it averaged 3.66%. A year ago at this time, the 5-year ARM averaged 3.87%.
