Freddie Mac (OTCQB: FMCC) today released its Primary Mortgage Market Survey®, which reports that the 30-year fixed-rate mortgage dropped slightly after weeks of steady increases.
Sam Khater, Freddie Mac’s chief economist, said, “The modest decline in mortgage rates is a welcome respite from the rapid increase in rates the last few weeks. While the housing market has clearly softened in reaction to the rise in mortgage rates, the economy and consumer sentiment remain very robust and that will sustain purchase demand, particularly in affordable markets and neighborhoods.”
News Facts
· 30-year fixed-rate mortgage (FRM) averaged 4.85% with an average 0.5 point for the week ending October 18, 2018, down from last week when it averaged 4.90%. A year ago at this time, the 30-year FRM averaged 3.88%.
· 15-year FRM this week averaged 4.26% with an average 0.4 point, down from last week when it averaged 4.29%. A year ago at this time, the 15-year FRM averaged 3.19%.
· 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.10% with an average 0.3 point, up from last week when it averaged 4.07%. A year ago at this time, the 5-year ARM averaged 3.17%.
