Mortgage Rates Drop Significantly
MCLEAN, Va. — Freddie Mac today released the results of its Primary Mortgage Market Survey®, showing that the 30-year fixed-rate mortgage (FRM) rate averaged 3.60 percent, the lowest it has been since November 2016.
Sam Khater, Freddie Mac’s chief economist, says, “There is a tug of war in the financial markets between weaker business sentiment and consumer sentiment. Business sentiment is declining on negative trade and manufacturing headlines, but consumer sentiment remains buoyed by a strong labor market and low rates that will continue to drive home sales into the fall.”
News Facts
- 30-year fixed-rate mortgage averaged 3.60 percent with an average 0.6 point for the week ending Aug 8, 2019, down from last week when it averaged 3.75 percent. A year ago at this time, the 30-year FRM averaged 4.59 percent.
- 15-year FRM averaged 3.05 percent with an average 0.5 point, down from last week when it averaged 3.20 percent. A year ago at this time, the 15-year FRM averaged 4.05 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.36 percent with an average 0.3 point, down from last week when it averaged 3.46 percent. A year ago at this time, the 5-year ARM averaged 3.90 percent.
