Freddie Mac released the results of its Primary Mortgage Market, showing that the 30-year fixed-rate mortgage (FRM) averaged 3.56%. While this is an increase from last week, this is the first time 30-year fixed mortgage rates have been under 3.6% over four consecutive weeks since the fourth quarter of 2016.
Sam Khater, Freddie Mac’s chief economist, said, “Pipeline purchase demand continues to improve heading into the late fall with purchase mortgage applications up 9% from a year ago. The improved demand reflects the still healthy underlying consumer economic fundamentals such as a low unemployment rate, solid wage growth, and low mortgage rates. While there has been a material weakness in manufacturing and consistent trade uncertainty, so far, the American consumer has proved to be resilient with solid home purchase demand.”
- 30-year fixed-rate mortgage averaged 3.56% with an average 0.5 point for the week ending Sept. 12, up from last week when it averaged 3.49%. A year ago at this time, the 30-year FRM averaged 4.6%.
- 15-year fixed-rate mortgage averaged 3.09% with an average 0.5 point, up from last week when it averaged 3%. A year ago at this time, the 15-year FRM averaged 4.06%.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.36% with an average 0.3 point, up from last week when it averaged 3.3%. A year ago at this time, the 5-year ARM averaged 3.93%.