Favorable Mortgage Rates This Week

David Deem

The average 30-year, fixed mortgage rate stood at 3.65 percent this week, according to Freddie Mac's latest Primary Mortgage Market Survey® (PMMS®).

30-Year Fixed
Averaging 3.65 percent, with an average 0.6 point
Up from 3.64 percent the prior week, but down from 4.71 percent the prior year 

15-Year Fixed
Averaging 3.14 percent, with an average 0.5 point
Down from 3.16 percent the prior week and 4.15 percent the prior year 

5-Year Adjustable
Averaging 3.38 percent, with an average 0.4 point
No change from the prior week, but down from 4.01 percent the prior year 

"While mortgage rates generally held steady this week, overall mortgage demand remained very strong, rising over 50 percent from a year ago thanks to increases in both refinance and purchase mortgage applications," says Sam Khater, Freddie Mac's chief economist. "As economic growth decelerates, it is clear that low mortgage rates will continue to support the mortgage market, and we expect that to persist for the remainder of the year."

Source: Freddie Mac



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