Rates Hover Near 2-Year Lows

Lower mortgage rates are proving to be a boon for home shoppers.

“While the continued drop in mortgage rates has paused, home buyer demand has not,” says Sam Khater, Freddie Mac’s chief economist. “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.”

Freddie Mac reports the following national averages for the week ending June 20:

  • 30-year fixed-rate mortgages: averaged 3.84%, with an average 0.5 point, up from last week’s 3.82% average. Last year at this time, 30-year rates averaged 4.57%.
  • 15-year fixed-rate mortgages: averaged 3.25%, with an average 0.4 point, falling from last week’s 3.26% average. A year ago, 15-year rates averaged 4.04%.
Source: Freddie Mac

Rates Hold at 2-Year Lows

“Mortgage rates were mostly unchanged from last week due to easing of trade tensions with Mexico, which helped stabilize markets,” says Sam Khater, Freddie Mac’s chief economist. “These historically low rates should provide continued opportunities for current homeowners to refinance their mortgages—which combined with new home buyer activity—will help sustain the momentum in the housing market in 2019.”

Freddie Mac reports the following national averages for the week ending June 13:

  • 30-year fixed-rate mortgages: averaged 3.82%, with an average 0.6 point, unchanged from last week. Last year at this time, 30-year rates averaged 4.62%.
  • 15-year fixed-rate mortgages: averaged 3.26%, with an average 0.5 point, dropping from last week’s 3.28% average. A year ago, rates averaged 4.07%.
Source: Freddie Mac

Rates Drop to 2-Year Lows

This marks the sixth consecutive weekly decline for mortgage rates, leaving some borrowers wondering how low will they go. The 30-year fixed-rate mortgage averaged 3.82% this week, the lowest average since September 2017.

“While the drop in mortgage rates is a good opportunity for consumers to save on their mortgage payment, our research indicates that there can be a wider dispersion among mortgage rate offers,” says Sam Khater, Freddie Mac’s chief economist. “By shopping around and getting a single additional mortgage rate quote, a borrower can save an average of $1,500.”

Freddie Mac reports the following rates for the week ending June 6:

  • 30-year fixed-rate mortgages: averaged 3.82%, with an average 0.5 point, falling from last week’s 3.99%. Last year at this time, 30-year rates averaged 4.54%.
  • 15-year fixed-rate mortgages: averaged 3.28%, with an average 0.5 point, falling from last week’s 3.46% average. A year ago, 15-year rates averaged 4.01%.
Source: Freddie Mac

Loan Rates Back in 3% Territory

For the first time since January 2018, the 30-year fixed-rate mortgage has dropped below 4%.

“Lower rates should, however, give a boost to the housing market, which has been on the upswing with both existing- and new-home sales picking up recently,” says Sam Khater, with Freddie Mac.

Freddie Mac reports the following for the week ending May 30:

  • 30-year fixed-rate mortgagesaveraged 3.99%, with an average 0.5 point, dropping from last week’s 4.06% average. Last year at this time, 30-year rates averaged 4.56%.
  • 15-year fixed-rate mortgages: averaged 3.46%, with an average 0.5 point, dropping from last week’s 3.51% average. A year ago, they averaged 4.06%.
Source: Freddie Mac

Mortgage Rates Continue Decline

“Mortgage rates fell for the fourth consecutive week and continued the medium-term trend of lower rates since late 2018,” says Sam Khater, Freddie Mac’s chief economist. “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.”

Freddie Mac reports the following national averages for the week ending May 23:

  • 30-year fixed-rate mortgages: averaged 4.06%, with an average 0.5 point, falling from last week’s 4.07% average. Last year at this time, 30-year rates averaged 4.66%.
  • 15-year fixed-rate mortgages: averaged 3.51%, with an average 0.4 point, falling from a 3.53% average last week. A year ago, 15-year rates averaged 4.15%.
Source: Freddie Mac

Home Loan Interest Rates Update

Home buyers saw mortgage rates edge lower again this week, with rates remaining well below year ago levels.

“While signals from the financial markets are flashing caution signs, the real economy remains on solid ground with steady job growth and five-decade low unemployment rates, which will drive up home sales this summer,” said Sam Khater, Freddie Mac’s chief economist.

Freddie Mac reported the following national averages for the week ending May 16:

  • 30-year fixed-rate mortgages averaged 4.07 percent, with an average 0.5 point, dropping from last week’s 4.10 percent average. A year ago, 30-year rates averaged 4.61 percent.
  • 15-year fixed-rate mortgages averaged 3.53 percent, with an average 0.4 point, falling from last week’s 3.57 percent average. A year ago, was 4.08 percent.
Source: Freddie Mac

Mortgage Rates ‘Drop This Week’

Mortgage rates are showing signs of moderating this month, following increases in April. Borrowers are discovering much lower rates compared to a year ago.

“A combination of low mortgage rates, a strong job market, and modest wage growth should spur home buyer interest and also serve as an incentive for homeowners looking to refinance this spring,” says Sam Khater, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages with mortgage rates for the week ending May 9:

  • 30-year fixed-rate mortgages: averaged 4.10%, with an average 0.5 point, falling from last week’s 4.14% average. Last year at this time, rates averaged 4.55%.
  • 15-year fixed-rate mortgages: averaged 3.57%, with an average 0.4 point, falling from last week’s 3.60% average. A year ago, 15-year rates averaged 4.01%.
Source: Freddie Mac

Mortgage Rates ‘Drop This Week’

Following four weeks of rate increases, fixed-rate mortgages posted a drop this week. Rates remain well below their averages from a year ago, and Freddie Mac predicts that will be a boon to home sales over the next couple of months. This comes after the Federal Reserve voted Wednesday not to increase its benchmark rate.

“Moving into summer, we expect rates to be about a quarter to half a percentage point lower than where they were last year, which is good news for the housing market,” says Sam Khater, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages for the week ending May 2:

  • 30-year fixed-rate mortgages: averaged 4.14%, with an average 0.5 point, falling from last week’s 4.20% percent average. Last year at this time, 30-year rates averaged 4.55%.
  • 15-year fixed-rate mortgages: averaged 3.60%, with an average 0.4 point, dropping from last week’s 3.64% average. A year ago, 15-year rates averaged 4.03%.
Source: Freddie Mac

Home Loan Interest Rates Rise

Mortgage rates have slowly been inching up over the past month, but they remain below their levels a year ago.

“Despite the recent rise in mortgage rates, both existing- and new-home sales continue to show strength—indicating the lagged effect of lower rates on housing demand,” says Sam Khater, Freddie Mac’s chief economist.

Freddie Mac reports the following national averages for the week ending April 25:

  • 30-year fixed-rate mortgages: averaged 4.20 percent, with an average 0.5 point, rising from last week’s 4.17 percent average. Last year at this time, 30-year rates averaged 4.58 percent.
  • 15-year fixed-rate mortgages: averaged 3.64 percent, with an average 0.5 point, rising from last week’s 3.62 percent average. A year ago, 15-year rates averaged 4.02 percent.
Source: Freddie Mac

Slight ‘Mortgage Rates Rise’

For the third week in a row, mortgage rates inched upward, but economists were quick to reassure home buyers and potential refinancers that rates remain still are below year-ago averages.

“After dropping dramatically in late March, mortgage rates have modestly increased since then,” says Sam Khater, Freddie Mac’s chief economist. “While this week marks the third consecutive week of rises, purchase activity reached a nine-year high—indicative of a strong spring homebuying season.”

Freddie Mac reports the following national averages for the week ending April 18:

  • 30-year fixed-rate mortgages: averaged 4.17 percent, with an average 0.5 point, rising from last week’s 4.12 percent. Last year at this time, 30-year rates averaged 4.47 percent.
  • 15-year fixed-rate mortgages: averaged 3.62 percent, with an average 0.5 point, rising from last week’s 3.60 percent average. A year ago, 15-year rates averaged 3.94 percent.
Source: Freddie Mac