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News & Press: Industry News

Rates Remain Steady While Refinancing Spikes

Tuesday, August 20, 2019  
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Last Week Freddie Mac’s Primary Mortgage Market Survey® (PMMS®), showed that the 30-year fixed-rate mortgage (FRM) rate averaged 3.60 percent, unchanged from the week before. A year ago, the 30-year FRM averaged 4.53%. The 15-year FRM was up very slightly from 3.05% to 3.07% with an average half a point. A year ago, the 15-year rate was 4.01%.

Sam Khater, Freddie Mac’s chief economist, said, “The sound and fury of the financial markets continue to warn of an impending recession; however, the silver lining is mortgage demand reached a three-year high this week. The decline in mortgage rates over the last month is causing a spike in refinancing activity – as homeowners currently have $2 trillion in conventional mortgage loans that are in the money – which will help support consumer balance sheets and increase household cash flow. On top of that, purchase demand is up seven percent from a year ago.”

California Land Title Association

1215 K Street #1816 Sacramento, CA 95814-3905
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