Freddie Mac: Mortgage rates hold steady amid economic uncertainty
This week, the average U.S. fixed rate for a 30-year mortgage came in at 3.68%. Although this rate is left unchanged from last week’s percentage, it’s still more than a percentage point below the 4.75% of the year-earlier week, according to the Freddie Mac Primary Mortgage Market Survey.
“This week the economy sent mixed signals, leaving mortgage rates unchanged,” said Sam Khater, Freddie Mac’s chief economist. “Survey data for manufacturing and service industries varied while construction spending fell modestly. However, homebuyer demand continued to improve, rising 8%. Clearly homebuyers remain bullish on the real estate market.”
The 15-year FRM averaged 3.14% this week, slightly retreating from last week’s 3.15%. This time last year, the 15-year FRM came in at 4.21%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.39%, falling from last week’s rate of 3.43%. Last year, the 5-year ARM was much higher at 4.07%.
The image below highlights this week’s changes: