Mortgage Rates at Lowest Level Since Early 2018
Tuesday, February 19, 2019
Last Thursday’s results from Fannie Mae of its Primary Mortgage Market Survey, showed fixed-rate mortgages at their lowest level since early 2018.
Sam Khater, Freddie Mac’s chief economist, says, “The combination of cooling inflation and slower global economic growth led mortgage rates to drift down to the lowest levels in a year. While housing activity has clearly softened over the last nine months and the lingering effects of higher rates from last year are still being felt, lower mortgage rates and a strong job market should rekindle demand for the spring homebuying season.”
- 30-year fixed-rate mortgage (FRM) averaged 4.37 percent with an average 0.4 point for the week ending February 14, 2019, down from last week when it averaged 4.41 percent. A year ago at this time, the 30-year FRM averaged 4.38 percent.
- 15-year FRM this week averaged 3.81 percent with an average 0.4 point, down from last week when it averaged 3.84 percent. A year ago at this time, the 15-year FRM averaged 3.84 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.88 percent with an average 0.3 point, down from last week when it averaged 3.91 percent. A year ago at this time, the 5-year ARM averaged 3.63 percent.