Freddie Mac today released the results of its Primary Mortgage Market Survey, showing that the 30-year fixed-rate mortgage averaged 3.73%, ticking up from last week.
“With Federal Reserve policy on cruise control and the economy continuing to grow at a steady pace, mortgage rates have stabilized as the market searches for direction,” said Sam Khater, Freddie Mac’s chief economist. “The risk of an economic downturn has receded and, combined with the very strong job market, it should lead to a slightly higher rate environment.”
Khater continued, “Since early September, when mortgage rates posted the year low of 3.49%, rates have moved up to 3.73% this week. Often, while higher mortgage rates are deleterious, improved economic sentiment is the reason that these higher rates have not impacted mortgage demand so far.”
News Facts
- 30-year fixed-rate mortgage averaged 3.73% with an average 0.7 point for the week ending December 12, 2019, up from last week when it averaged 3.68%. A year ago at this time, the 30-year FRM averaged 4.63%.
- 15-year fixed-rate mortgage averaged 3.19% with an average 0.7 point, up from last week when it averaged 3.14%. A year ago at this time, the 15-year FRM averaged 4.07%.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.36% with an average 0.4 point, down from last week when it averaged 3.39%. A year ago at this time, the 5-year ARM averaged 4.04%.
