Mortgage rates held steady despite a tug-of-war between economic recovery and the fiscal impact of rising Covid-19 cases, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS®). The 30-year fixed-rate mortgage averaged 2.87 percent with an average 0.6 point for the week ending August 26, 2021, up slightly from last week’s 2.86 percent. A year ago at this time, the 30-year FRM averaged 2.91 percent. The 15-year fixed-rate mortgage averaged 2.17 percent with an average 0.6 point, up slightly from last week when it averaged 2.16 percent. A year ago at this time, the 15-year FRM was 2.46 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.42 percent with an average 0.2 point, down slightly from last week when…
The Mortgage Bankers Association (MBA) reports mortgage applications increased 1.6 percent during the week ending August 20, 2021. They also report the Refinance Index increased 1 percent from the previous week and was 3 percent higher than the same week one year ago. Refis accounted for 67.3 percent of total applications, no change from the week before, while adjustable-rate mortgages fell to 3.1 percent of total applications. Lower rates led to an increase in refinance applications, with government loan applications jumping 10 percent to the highest level since May 2021,” said MBA’s Associate Vice President of Economic and Industry Forecasting Joel Kan. As for the housing market as a whole, Kan says there may be signs of cooling. “There was…
The hot talk in Washington is about inflation, not interest rates. “We’re experiencing a big uptick in inflation, bigger than many expected, bigger certainly than I expected, and we’re trying to understand whether it’s something that will pass through fairly quickly or whether, in fact, we need to act,” Federal Reserve Chairman Jerome Powell told the Senate Banking Committee last week. Meanwhile, U.S. mortgage interest rates have risen since President Joe Biden took office in January according to Federal Reserve data. On the day he was inaugurated, the 30-year fixed rate was around 2.75 percent. By April 1, it had risen to 3.18 — its highest level since June of last year. Rates have been gradually declining since then but have…
Mortgage rates decreased slightly this week, remaining firmly below 3 percent – where they have remained since late July, according to Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday. The survey found: The 30-year fixed-rate mortgage averaged 2.77 percent with an average 0.7 point, down from last week’s 2.79 percent and last year’s 3.60 percent.The 15-year fixed-rate mortgage averaged 2.21 percent with an average 0.6 point, down from last week’s 2.23 percent and last year’s 3.04 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.80 percent with an average 0.4 point, down from last week’s 3.12 percent and last year’s 3.28 percent. “Mortgage rates have hovered near historic lows for almost a year, fueling purchase and refinance activity amid a…
Mortgage rates closed 2020 where they spent much of the year – near historic lows. For the week ending December 31, Freddie Mac’s weekly Primary Mortgage Market Survey found: The 30-year fixed-rate mortgage averaged 2.67 percent with an average 0.7 point, up slightly from last week’s record low 2.66 percent and well below last year’s 3.72 percent.The 15-year fixed-rate mortgage averaged 2.17 percent with an average 0.7 point, down from last week’s 2.19 percent and last year’s 3.16 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.71 percent with an average 0.4 point, down from last week’s 2.79 percent and last year’s 3.46 percent. “All eyes have been on mortgage rates this year, especially the 30-year fixed-rate, which has dropped more…
Another week, another new record low for mortgage rates. Freddie Mac released its weekly Primary Mortgage Market Survey on Thursday, showing the average 30-year fixed-rate mortgage dropped to 2.66 percent – the lowest rate in the survey’s 50-year history. The survey found: The 30-year fixed-rate mortgage averaged 2.66 percent with an average 0.7 point for the week ending Christmas Eve, down from last week’s 2.67 percent and last year’s 3.74 percent.The 15-year fixed-rate mortgage averaged 2.19 percent with an average 0.5 point, down from last week’s 2.21 percent and last year’s 3.19 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.79 percent with an average 0.2 point, unchanged from last week and down from last year’s 3.45 percent. “The housing market…
Mortgage rates in the United States didn’t budge from record-low levels this week, Freddie Mac reported Thursday in its weekly Primary Mortgage Market Survey. The survey found: The 30-year fixed-rate mortgage averaged 2.71 percent with an average 0.7 point for the week, unchanged from last week and down from last year at this time when it averaged 3.73 percent.The 15-year fixed-rate mortgage averaged 2.26 percent with an average 0.6 point, also unchanged from last week and down from last year’s 3.19 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.79 percent with an average 0.3 point, down from last week’s 2.86 percent and last year’s 3.36 percent. “Mortgage rates remain at record lows, resisting their typical correlation to Treasury yields, which…
Mortgage rates didn’t budget this week from their record low, Freddie Mac reports in its weekly Primary Mortgage Market Survey. They survey found: The 30-year fixed-rate mortgage averaged 2.72 percent with an average 0.7 point, unchanged from last week and well below last year’s 3.68 percent.The 15-year fixed-rate mortgage averaged 2.28 percent with an average 0.6 point, also unchanged from last week and down from last year’s 3.15 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.16 percent with an average 0.3 point, up from last week’s 2.85 percent and down from last year’s 3.43 percent. “Mortgage rates remain at record lows and while that has fueled a refinance boom, it’s been driven mainly by higher income borrowers. With about 20…
It’s a Lucky 13 for borrowers. For the 13th time this year, 30-year fixed-rate mortgage rates set a new record low – this time falling to 2.72 percent, according to a Freddie Mac’s Primary Mortgage Market Survey released Thursday. The survey found: The 30-year fixed-rate mortgage averaged 2.72 percent with an average 0.7 point for the week, down from last week’s 2.84 percent and last year’s 3.66 percent.The 15-year fixed-rate mortgage averaged 2.28 percent with an average 0.6 point, down from last week’s 2.34 percent and last year’s 3.15 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.85 percent with an average 0.3 point, down from last week’s 3.11 percent and last year’s 3.39 percent. “Weaker consumer spending data, which accounts…
Mortgage rates dropped to 2.81 percent this week, another new record and the 12th straight week rates have stayed under 3 percent, Freddie Mac reported Thursday in its weekly mortgage market survey. The survey found: The 30-year fixed-rate mortgage averaged 2.81 percent with an average 0.6 point for the week ending October 15, 2020, down from last week’s 2.87 percent and last year’s 3.69 percent.The 15-year fixed-rate mortgage averaged 2.35 percent with an average 0.5 point, down from last week’s 2.37 percent and last year’s 3.15 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.90 percent with an average 0.2 point, down from last week’s when it averaged 2.89 percent and last year’s 3.35 percent. “Low mortgage rates have become a regular…
