Market Watch
Freddie: Mortgage rates remain near historical lows
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Market Watch
Wednesday, August 28, 2019
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Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) rate averaged 3.60 percent, unchanged from the last showing, according to a Freddie Mac press release.
“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,” Freddie Mac Chief Economist Sam Khater said in the release. “The decline in mortgage rates over 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 seven percent from a year ago.”
News facts revealed in the PMMS include:
- A 30-year fixed-rate mortgage averaged 3.60 percent with an average 0.5 point for the week ending Aug 15, 2019, unchanged from last week. A year ago at this time, the 30-year FRM averaged 4.53 percent;
- A 15-year FRM averaged 3.07 percent with an average 0.5 point, up from last week when it averaged 3.05 percent. A year ago at this time, the 15-year FRM averaged 4.01 percent; and
- A 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.35 percent with an average 0.3 point, down from last week when it averaged 3.36 percent. A year ago at this time, the 5-year ARM averaged 3.87 percent.
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