Mortgage Rates Rise as 2020 Comes Into Focus
Mortgage rates rose this week, with the average 30-year, fixed rate up to 3.75 percent, according to Freddie Mac's latest Primary Mortgage Market Survey® (PMMS®).
"The modest uptick in mortgage rates over the last two months reflects declining recession fears and a more sanguine outlook for the global economy," Sam Khater, chief economist at Freddie Mac, says. "Due to the improved economic outlook, purchase mortgage applications rose 15 percent over the same week a year ago, the second-highest weekly increase in the last two years. Given the important role residential real estate plays in the economy, the steady improvement of the housing market is a reassuring sign that the economy is on solid ground heading into next year."
Averaging 3.75 percent, with an average 0.6 point
Up from 3.69 percent the prior week, but down from 4.94 percent the prior year
Averaging 3.2 percent, with an average 0.5 point
Up from 3.13 percent the prior week, but down from 4.36 percent the prior year
Averaging 3.44 percent, with an average 0.4 point
Up from 3.39 percent the prior week, but down from 4.14 percent the prior year
Source: Freddie Mac