Mortgage rates are expected to remain near record lows through next year and home prices are expected to climb, though not as quickly as this year, according to Freddie Mac’s quarterly housing forecast. The forecast predicts: The average 30-year fixed-rate mortgage is expected to be 3.2 percent in 2020 and 3.0 percent in 2021. Currently, rates sit at 2.87 percent.House price growth is expected to increase to an annual rate of 5.5 percent in 2020 before slowing to 2.6 percent next year.Home sales are expected to increase in 2020 to 6.2 million homes and decrease in 2021 to 6.1 million homes.Purchase originations are expected to increase to $1.414 trillion in 2020 and $1.445 trillion in 2021.Refinance originations are expected to…
It’s not a new record – but it isn’t far off. The 30-year fixed-rate mortgage averaged 2.87 percent this week, up ever so slightly from last week’s 2.86 percent, according to Freddie Mac’s Primary Mortgage Market Survey released Thursday. The survey found: The 30-year fixed-rate mortgage averaged 2.87 percent with an average 0.8 point for the week ending September 17, down from 3.73 percent last year at this time.The 15-year fixed-rate mortgage averaged 2.35 percent with an average 0.8 point, down from last week’s 2.37 percent and last year’s 3.21 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.96 percent with an average 0.3 point, down from last week’s 3.11 percent and last year’s 3.49 percent. “Despite the recession, the very…
Mortgage rates dropped again this week, nearing the all-time record set earlier in August, Freddie Mac announced Thursday in its Primary Mortgage Market Survey. The survey found: The 30-year fixed-rate mortgage averaged 2.91 percent with an average 0.8 point for the week ending August 27, down from last week’s 2.99 percent and 3.58 percent a year ago.The 15-year fixed-rate mortgage averaged 2.46 percent with an average 0.7 point, down from last week’s 2.54 percent and last year’s 3.06 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.91 percent with an average 0.2 point, unchanged from last week and down from last year’s 3.31 percent. The lowest 30-year rate on record is 2.88 percent. “This year has been anything but normal and…
Still under 3. The 30-year fixed-rate mortgage averaged 2.99 percent this week, up just slightly from last week, Freddie Mac announced Thursday in its Primary Mortgage Market Survey. The survey found: The 30-year fixed-rate mortgage averaged 2.99 percent with an average 0.8 point for the week ending August 20, up from last week’s 2.96 percent and well below last year’s 3.55 percent. The 15-year fixed-rate mortgage averaged 2.54 percent with an average 0.7 point, up from last week’s 2.46 percent and last year’s 3.03 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.91 percent with an average 0.3 point, up from last week’s 2.90 percent and last year’s 3.32 percent. “Purchase housing demand continues to accelerate, ultimately providing support to an economy…
No new record this week. The 30-year fixed-rate mortgage averaged 2.96 percent for the week – up slightly from last week’s record 2.88 percent, according to Freddie Mac’s Primary Mortgage Market Survey released Thursday. The survey found: The 30-year fixed-rate mortgage averaged 2.96 percent with an average 0.8 point, up from last week’s 2.88 percent and 3.60 percent a year ago at this time.The 15-year fixed-rate mortgage averaged 2.46 percent with an average 0.8 point, up from last week’s 2.44 percent and last year’s 3.07 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.90 percent with an average 0.4 point, unchanged from last week and down from last year’s 3.35 percent. “Homebuyer demand remains strong, especially for those in search of…
How low can they go? The 30-year fixed-rate mortgage averaged a record-low 2.88 percent, the eighth time rates set a new record this year, according to Freddie Mac’s Primary Mortgage Market Survey released Thursday. “The resilience of the housing market continues as mortgage rates hit another all-time low, giving potential buyers more purchasing power and strengthening demand,” Freddie Mac’s Chief Economist Sam Khater said. “We expect rates to stay low and continue to propel the purchase market forward. However, the main barrier to rising demand remains the lack of inventory, especially for entry-level homes.” The survey found: The 30-year fixed-rate mortgage averaged 2.88 percent with an average 0.8 point for the week ending August 6, down from last week’s 2.99…
After a week above 3 percent, mortgage rates in the United States dropped below that line for the second time in history as the 30-year fixed-rate mortgage averaged 2.99 percent, Freddie Mac announced Thursday. “It’s Groundhog Day in the mortgage market as rates continue to remain near historic lows, driving purchase demand over 20 percent above a year ago,” said Sam Khater, Freddie Mac’s Chief Economist. “Real estate is one of the bright spots in the economy, with strong demand and modest slowdown in home prices heading into the late summer. Home sales should remain strong the next few months into the early fall.” Freddie’s Primary Mortgage Market Survey found: The 30-year fixed-rate mortgage averaged 2.99 percent with an average…
After dropping below 3 percent, mortgage rates edged up slightly this week for the first time in weeks, Freddie Mac announced Thursday in its Primary Mortgage Market Survey. The 30-year fixed-rate mortgage averaged 3.01 percent – up ever so slightly from last week’s record 2.98 percent and well below last year’s 3.75 percent. The survey also found: The 15-year fixed-rate mortgage averaged 2.54 percent with an average 0.7 point was up from last week’s 2.48 percent and down from last year’s 3.18 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.09 percent with an average 0.3 point, up from last week’s 3.06 percent and down from last year’s 3.47 percent. “While housing demand continues to rebound, the month-long swoon in economic…
Mortgage rates crashed through the 3 percent floor for the first time since Freddie Mac began tracking rates. The 30-year fixed-rate mortgage 2.98 percent for the week ending Thursday, Freddie Mac announced in its Primary Mortgage Market Survey. It is the lowest rate in the survey’s history dating back to 1971. “The drop has led to increased homebuyer demand and, these low rates have been capitalized into asset prices in support of the financial markets,” said Sam Khater, Freddie Mac’s Chief Economist. “However, the countervailing force for the economy has been the rise in new virus cases which has caused the economic recovery to stagnate, and this economic pause puts many temporary layoffs at risk of ossifying into permanent job…
Mortgage rates are flirting with dropping below 3 percent for the first time in history. The 30-year fixed-rate mortgage averaged 3.03 percent for the week ending Thursday, the lowest rate in Freddie Mac’s mortgage survey that started nearly 50 years ago. “The summer is heating up as record low mortgage rates continue to spur homebuyer demand,” said Sam Khater, Freddie Mac’s Chief Economist. “However, it remains to be seen whether the demand will continue if COVID cases rise to the point that it hinders economic growth.” Even with the low rates, mortgage credit remains extremely tight. The Mortgage Bankers Association also announced Thursday that credit availability fell to its lowest level since April 2014. Also Thursday, realtor.com announced that housing supply “remains the…
