Fixed-Rate Mortgages Fall to 12-Month Low
McLean, VA, February 15, 2019-Fixed-rate mortgages fell to the lowest levels since early 2018, according to Freddie Mac’s Primary Mortgage Market Survey.
Sam Khater, Freddie Mac’s chief economist, says, “The combination of cooling inflation and slower global economic growth led mortgage rates to drift down to the lowest levels in a year. While housing activity has clearly softened over the last nine months and the lingering effects of higher rates from last year are still being felt, lower mortgage rates and a strong job market should rekindle demand for the spring homebuying season.”
• 30-year fixed-rate mortgage (FRM) averaged 4.37% with an average 0.4 point for the week ending February 14, 2019, down from last week when it averaged 4.41%. A year ago at this time, the 30-year FRM averaged 4.38%.
• 15-year FRM this week averaged 3.81% with an average 0.4 point, down from last week when it averaged 3.84%. A year ago at this time, the 15-year FRM averaged 3.84%.
• five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.88% with an average 0.3 point, down from last week when it averaged 3.91%. A year ago at this time, the 5-year ARM averaged 3.63%.