Mortgage Rates Move Very Slightly Higher
Tuesday, July 17, 2018
Freddie Mac’s Primary Mortgage Market Survey showed that mortgage rates rose slightly over the past week. Sam Khater, Freddie Mac’s chief economist, says mortgage rates were mostly unchanged, but did tick up for the first time since early June.
- 30-year fixed-rate mortgage (FRM) averaged 4.53 percent with an average 0.4 point increase for the week ending July 12, 2018, up from last week when it averaged 4.52 percent. A year ago at this time, the 30-year FRM averaged 4.03 percent.
- 15-year FRM averaged 4.02 percent with an average 0.4 point increase, up from the previous week when it averaged 3.99 percent. A year ago at this time, the 15-year FRM averaged 3.29 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.86 percent with an average 0.3 point, up from a week ago when it averaged 3.74 percent. A year ago at this time, the 5-year ARM averaged 3.28 percent.
Added Khater, “A record number of people quit their jobs last month, most likely for a new opportunity with higher wages and better benefits. This positive trend, along with these lower mortgage rates, should increasingly give some previously priced-out prospective homebuyers the financial wherewithal to resume their home search.”