Continuing at historic lows, the average 30-year mortgage rate remained the same this week, according to Freddie Mac’s latest Primary Mortgage Market Survey® (PMMS®). The average 30-year, fixed mortgage rate is 3.75 percent; the average 15-year, fixed mortgage rate is 3.22 percent; and the average five-year, Treasury-indexed hybrid adjustable mortgage rate is 3.46 percent.
“While rates have moderated, we’re still at nearly three-year lows, which is good news for buyers looking to purchase a home before school starts,” says Sam Khater, chief economist at Freddie Mac. “The recent stabilization in mortgage rates reflects modestly improving U.S. economic data and a more accommodative tone from the Federal Reserve to respond to the rising downside economic risk from trade tensions and soft global economic data.
“On the housing front, the latest weekly purchase application data suggests homebuyer demand continues to rise, which is consistent with the slowly improving real estate data from the last two months,” Khater says.
- Averaging 3.75 percent, with an average 0.5 point
- No change from the prior week, but down from 4.53 percent the prior year
- Averaging 3.22 percent, with an average 0.5 point
- Up from 3.18 percent the prior week, but down from 4.02 percent the prior year
- Averaging 3.46 percent, with an average 0.4 point
- Up from 3.45 percent the prior week, but down from 3.86 percent the prior year
Source: Freddie Mac