Freddie Mac today released the results of its Primary Mortgage Market Survey, showing that the 30-year fixed-rate mortgage averaged 3.75%.
“The modest uptick in mortgage rates over the last two months reflects declining recession fears and a more sanguine outlook for the global economy,” said Sam Khater, Freddie Mac’s chief economist. “Due to the improved economic outlook, purchase mortgage applications rose 15% 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.”
News Facts
- 30-year fixed-rate mortgage averaged 3.75% with an average 0.6 point for the week ending November 14, 2019, up from last week when it averaged 3.69%. A year ago at this time, the 30-year FRM averaged 4.94%.
- 15-year fixed-rate mortgage averaged 3.2% with an average 0.5 point, up from last week when it averaged 3.13%. A year ago at this time, the 15-year FRM averaged 4.36%.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.44% with an average 0.4 point, up from last week when it averaged 3.39%. A year ago at this time, the 5-year ARM averaged 4.14%.
