Freddie Mac: Mortgage Rates Remain Stable in July 11th Report
Freddie Mac released the results of its Primary Mortgage Market Survey® (“PMMS®”), showing that after declining for most of the year, mortgage rates remained mostly unchanged this week.
Sam Khater, Freddie Mac’s chief economist, says, “While rates have moderated, we’re still at nearly three-year lows, which is good news for buyers looking to purchase a home before school starts.”
“The recent stabilization in 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 application data suggests homebuyer demand continues to rise, which is consistent with the slowly improving real estate data from the last two months,” he said.
– 30-year fixed-rate mortgage (“FRM”) averaged 3.75 percent with an average 0.5 point for the week ending July 11, 2019, unchanged from last week. A year ago at this time, the 30-year FRM averaged 4.53 percent.
– 15-year FRM averaged 3.22 percent with an average 0.5 point, up from last week when it averaged 3.18 percent. A year ago at this time, the 15-year FRM averaged 4.02 percent.
– 5-year Treasury-indexed hybrid adjustable-rate mortgage (“ARM”) averaged 3.46 percent with an average 0.4 point, up from last week when it averaged 3.45 percent. A year ago at this time, the 5-year ARM averaged 3.86 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.
Nicole Flores – Nicole_Flores@FreddieMac.com – (703) 903-4068
Source: Freddie Mac