The average 30-year, fixed mortgage rate reeled in this week, down to 4.40 percent from 4.44 percent the week prior, according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®). The average 15-year, fixed rate was 3.87 percent, down from 3.90 percent, and the average five-year, Treasury-indexed, hybrid adjustable rate was 3.62 percent, down from 3.66 percent.
“After dropping earlier this week on trade-related anxiety in financial markets, the benchmark 10-year Treasury stabilized on Wednesday, but at a level slightly lower than from the start of last week,” says Len Kiefer, deputy chief economist at Freddie Mac. “Mortgage rates followed and fell for the second consecutive week; the U.S. weekly average 30-year fixed mortgage was 4.4 percent in our survey this week.
“Though rates on the 30-year fixed mortgage are up 0.3 percentage points from the same week a year ago, a robust labor marking is helping home-purchase demand weather modestly higher rates,” Kiefer says. “The Mortgage Bankers Association reported in their latest Weekly Mortgage Applications Survey that the Purchase Index was up 5 percent from a year ago, indicating that this spring is on track for a modest expansion in purchase mortgage activity.”
Source: Freddie Mac
For the latest real estate news and trends, bookmark RISMedia.com.
