Freddie Mac’s (OTCQB: FMCC) Primary Mortgage Market Survey® out Thursday reports that the 30-year fixed-rate mortgage dropped 10 basis points to 4.31%.
Sam Khater, Freddie Mac’s chief economist, said, “Mortgage rates declined decisively this week amid various market reports, a strong bond auction and further uncertainty around the Brexit deal, which all contributed to driving bond yields lower. At 4.31%, the average 30-year fixed mortgage rate is at its lowest since February of last year. While these low rates will certainly get the attention of prospective home buyers, the supply of homes for sale remains stubbornly low.”
News Facts
· 30-year fixed-rate mortgage (FRM) averaged 4.31% with an average 0.4 point for the week ending March 14, 2019, down from last week when it averaged 4.41%. A year ago at this time, the 30-year FRM averaged 4.44%.
· 15-year FRM this week averaged 3.76% with an average 0.4 point, down from last week when it averaged 3.83%. A year ago at this time, the 15-year FRM averaged 3.90%.
· 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.84% with an average 0.3 point, down from last week when it averaged 3.87%. A year ago at this time, the 5-year ARM averaged 3.67%.
