Mortgage Rates Lowest Since November 2016
According to Freddie Mac’s recently released Primary Mortgage Market Survey, the 30-year fixed-rate mortgage rate fell for the seventh time in nine weeks to 3.73%, the lowest level since November 2016.
Lower mortgage rates increase what home buyers can afford to pay for a home. Those who have been considering entering the luxury market could find out that they have more buying power today than they have had in the last two and a half years.
Sam Khater, Freddie Mac’s chief economist, says, “While the industrial and trade related economic data continues to dominate the news, the drop in mortgage rates over the last two months is already being felt in the housing market. Through late June, home purchase applications improved by five percentage points compared to the previous month. In the near-term, we expect the housing market to continue to improve from both a sales and price perspective.”
- 30-year fixed-rate mortgage (FRM) averaged 3.73 percent with an average 0.5 point for the week ending June 27, 2019, down from last week when it averaged 3.84 percent. A year ago at this time, the 30-year FRM averaged 4.55 percent.
- 15-year FRM averaged 3.16 percent with an average 0.5 point, down from last week when it averaged 3.25 percent. A year ago at this time, the 15-year FRM averaged 4.04 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.39 percent with an average 0.4 point, down from last week when it averaged 3.48 percent. A year ago at this time, the 5-year ARM averaged 3.87 percent.
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