Mortgage Rates Increase

“Purchase mortgage applications up nine percent 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,” says Sam Khater, Freddie Mac’s Chief Economist.

Freddie Mac reports the following national averages for the week ending Sept. 12:

  • 30-year fixed-rate mortgage averaged 3.56 percent with an average 0.5 point for the week ending September 12, 2019, up from last week when it averaged 3.49 percent. A year ago at this time, the 30-year FRM averaged 4.6 percent.
  • 15-year fixed-rate mortgage averaged 3.09 percent with an average 0.5 point, up from last week when it averaged 3.0 percent. A year ago at this time, the 15-year FRM averaged 4.06 percent.

Source: Freddie Mac

Home Loan Rates Remain Low!

“Mortgage rates continued the summer swoon due to weaker economic data,” says Sam Khater, Freddie Mac’s chief economist. “While economic growth is clearly slowing due to rising manufacturing and trade headwinds, economic fundamentals are still solid for U.S. consumers. The unemployment rate is low, housing affordability is improving, home buyer demand is rising, and home price growth is stable.”

Freddie Mac reports the following national averages for the week ending Sept. 5:

  • 30-year fixed-rate mortgages: averaged 3.49%, with an average 0.5 point, falling from last week’s 3.58% average. Last year at this time, they averaged 4.54%.
  • 15-year fixed-rate mortgages: averaged 3%, with an average 0.6 point, dropping from last week’s 3.06% average. A year ago, 15-year rates averaged 3.99%.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.30%, with an average 0.4 point, dropping from last week’s 3.31% average. A year ago, averaged 3.93%.
Source: Freddie Mac

Mortgage Rates Hold Steady

“Mortgage rates inched up slightly this week, closing the month with the 30-year fixed-rate mortgage rate averaging 3.6 percent – almost a full percent from the same time last year. Low mortgage rates along with a strong labor market are fueling the consumer-driven economy by boosting their purchasing power, which will certainly support housing market activity in the coming months,” says Sam Khater, Freddie Mac’s Chief Economist.

Freddie Mac reports the following national averages for the week ending Aug. 29:

  • 30-year fixed-rate mortgage averaged 3.58 percent with an average 0.5 point for the week ending Aug 29, 2019, up from last week when it averaged 3.55 percent. A year ago at this time, the 30-year FRM averaged 4.52 percent.
  • 15-year FRM averaged 3.06 percent with an average 0.5 point, up from last week when it averaged 3.03 percent. A year ago at this time, the 15-year FRM averaged 3.97 percent.

Mortgage Rates at 2016 Territory

The 30-year fixed-rate mortgage averaged 3.55% this week, the lowest average since November 2016, Freddie Mac reports. The lower mortgage rates are boding well for the housing market.

“The drop in mortgage rates continues to stimulate the real estate market and the economy,” says Sam Khater, Freddie Mac’s chief economist. “Home purchase demand is up five percent from a year ago and has noticeably strengthened since the early summer months, while refinances surged to their highest share in three and a half years.”

Freddie Mac reports the following national averages for the week ending Aug. 22:

  • 30-year fixed-rate mortgages: averaged 3.55%, dropping from last week’s 3.60% average. Last year at this time, they averaged 4.51%.
  • 15-year fixed-rate mortgages: averaged 3.03%, with an average 0.5 point, falling from last week’s 3.07% average. A year ago, 15-year rates averaged 3.98%.
Source: Freddie Mac

Rates Hover Near Record Lows

“The sound and fury of the financial markets continue to warn of an impending recession; however, the silver lining is mortgage demand reached a three-year high this week,” says Sam Khater, Freddie Mac’s chief economist. “The decline in mortgage ratesover the last month is causing a spike in refinancing activity—as homeowners currently have $2 trillion in conventional mortgage loans that are in the money—which will help support consumer balance sheets and increase household cash flow. On top of that, purchase demand is up 7% from a year ago.”

Freddie Mac reports the following national averages for the week ending Aug. 15:

  • 30-year fixed-rate mortgages: averaged 3.60%, with an average 0.5 point, unchanged from last week’s average. Last year at this time, 30-year rates averaged 4.53%.
  • 15-year fixed-rate mortgages: averaged 3.07%, with an average 0.5 point, rising from last week’s 3.05% average. A year ago, 15-year rates averaged 4.01%.
Source: Freddie Mac

Mortage Rates Lowest Since 2016

“There is a tug of war in the financial markets between weaker business sentiment and consumer sentiment,” says Sam Khater, Freddie Mac’s chief economist. “Business sentiment is declining on negative trade and manufacturing headlines, but consumer sentiment remains buoyed by a strong labor market and low rates that will continue to drive home sales into the fall.”

Freddie Mac reports the following national averages for the week ending Aug. 8:

  • 30-year fixed-rate mortgages: averaged 3.60%, with an average 0.6 point, falling from last week’s 3.75% average. Last year at this time, 30-year rates averaged 4.59%.
  • 15-year fixed-rate mortgages: averaged 3.05%, with an average 0.5 point, falling from last week’s 3.20% average. A year ago, 15-year rates averaged 4.05%.
Source: Freddie Mac

Mortgage Rates Stay Low

“Mortgage rates have essentially stabilized over the last two months, which reflects the recovery and improvement in the economy from the malaise earlier in the year,” says Sam Khater, Freddie Mac’s chief economist. “Going forward, the combination of low mortgage rates, tight labor market, and high consumer confidence should set up the housing market for continued improvement in home sales heading into late summer and early fall.”

Freddie Mac reports the following national averages for the week ending Aug. 1, 2019:

  • 30-year fixed-rate mortgages: averaged 3.75%, with an average 0.6 point, unchanged from last week’s average. Last year at this time, 30-year rates averaged 4.60%.
  • 15-year fixed-rate mortgages: averaged 3.20%, with an average 0.5 point, rising from last week’s 3.18% average. A year ago, 15-year rates averaged 4.08%.
Source: Freddie Mac

Mortgage Rates at 3-Year Lows

After a slight uptick last week, mortgage rates fell back to a more regular pattern of hovering near three-year lows. Home buyers are responding to the lower rates, and mortgage applications for home purchases have continued to rise steadily the last two months to the highest year-over-year change since the fall of 2017, says Sam Khater, Freddie Mac’s chief economist.

Freddie Mac reported these national averages rates for the week ending July 25:

  • 30-year fixed-rate mortgages: averaged 3.75%, with an average 0.5 point, falling from last week’s 3.81% average. Last year at this time, rates averaged 4.54%.
  • 15-year fixed-rate mortgages: averaged 3.18%, with an average 0.5 point, falling from last week’s 3.23% average. A year ago, 15-year rates averaged 4.02%.
Source: Freddie Mac

Home Loan Interest Rates Inch Up

After three weeks of mostly staying steady, average mortgage rates rose this week. Rates still remain at multiyear lows, keeping borrowing costs low for those shopping for homes this summer.

“Despite this slight increase in rates, home buyers are taking advantage of the multiyear low rates in droves, which is evident in the consistently higher refinance and purchase application volumes. The improvement in housing demand should provide sufficient momentum for the housing market and economy during the rest of the year,” says Sam Khater, Freddie Mac’s chief economist.

Freddie Mac reported the following national averages for the week ending July 18:

  • 30-year fixed-rate mortgages: averaged 3.81%, with an average 0.6 point, up from last week’s 3.75%. Last year at this time, 30-year rates averaged 4.52%.
  • 15-year fixed-rate mortgages: averaged 3.23%, with an average 0.5 point, rising from last week’s 3.22% average. A year ago, 15-year rates averaged 4%.
Source: Freddie Mac

Rates Stay Near 3-Year Lows

“The recent stabilization mortgage rates reflects modestly improving U.S. economic data and a more accommodative tone from the Federal Reserve to respond to the rising downside economic risk from trade tensions and soft global economic data. On the housing front, the latest weekly purchase applicationdata suggests home buyer demand continues to rise, which is consistent with the slowly improving real estate data from the last two months,” says Sam Khater, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages for the week ending July 11:

  • 30-year fixed-rate mortgages: averaged 3.75%, with an average 0.5 point, unchanged from last week. Last year at this time, 30-year rates averaged 4.53%.
  • 15-year fixed-rate mortgages: averaged 3.22%, with an average 0.5 point, rising from last week’s 3.18% average. A year ago, 15-year rates averaged 4.02%.
Source: Freddie Mac