Big Fall for Mortgage Rates, at Lowest Since 2016
In a big fall from last week, the average 30-year, fixed mortgage rate sank to 3.49 percent this week, according to Freddie Mac's latest Primary Mortgage Market Survey® (PMMS®)—a low not seen since 2016. At the same time, the average 15-year, fixed mortgage rate slid to 3 percent, and the average five-year, Treasury-indexed hybrid adjustable mortgage rate slid to 3.3 percent.
"Mortgage rates continued the summer swoon due to weaker economic data," says Sam Khater, chief economist at Freddie Mac. "While economic growth is clearly slowing due to rising manufacturing and trade headwinds, economic fundamentals are still solid for U.S. consumers. The unemployment rate is low, housing affordability is improving, homebuyer demand is rising, and home price growth is stable."
- Averaging 3.49 percent, with an average 0.5 point
- Down from 3.58 percent the prior week and 4.54 percent the prior year
- Averaging 3 percent, with an average 0.6 point
- Down from 3.06 percent the prior week and 3.99 percent the prior year
- Averaging 3.3 percent, with an average 0.4 point
- Down from 3.31 percent the prior week and 3.93 percent the prior year
Source: Freddie Mac