Firm Footing for Mortgage Rates This Week
Continuing on firm footing, mortgages rates steadied this week, according to Freddie Mac's latest Primary Mortgage Market Survey® (PMMS®). The average 30-year, fixed rate is 4.08 percent; the average 15-year, fixed rate is 3.56 percent; and the average five-year, Treasury-indexed hybrid adjustable rate is 3.66 percent.
"While the housing market has faced many headwinds the last few months, it sailed through the turbulence to calmer seas with demand buttressed by a strong labor market and low mortgage rates," says Sam Khater, chief economist at Freddie Mac. "The benefits of the decline in mortgage rates that we've seen this year will continue to unfold over the next few months due to the lag from changes in mortgage rates to market sentiment and ultimately home sales."
- Averaging 4.08 percent, with an average 0.5 point
- Up from 4.06 percent the prior week, but down from 4.4 percent the prior year
- Averaging 3.56 percent, with an average 0.4 point
- Down from 3.57 percent the prior week and 3.87 percent the prior year
- Averaging 3.66 percent, with an average 0.4 point
- Down from 3.75 percent the prior week, but up from 3.62 percent the prior year