Mortgage Rates Barely Move
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MCLEAN, Va., Nov. 29, 2018 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that mortgage rates remained stable.
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Sam Khater, Freddie Mac’s chief economist, says, “Mortgage rates stabilized the last couple of months as interest rate sensitive sectors such as new auto and home sales have clearly softened the outlook for the economy. Homebuyers pounced on the stability in rates as purchase mortgage applications increased, which indicates that despite higher mortgage rates this year there are buyers on the fence waiting for the right time to buy.”
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 4.81 percent with an average 0.5 point for the week ending November 29, 2018, unchanged from last week. A year ago at this time, the 30-year FRM averaged 3.90 percent.
- 15-year FRM this week averaged 4.25 percent with an average 0.4 point, up from last week when it averaged 4.24 percent. A year ago at this time, the 15-year FRM averaged 3.30 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.12 percent with an average 0.3 point, up from last week when it averaged 4.09. A year ago at this time, the 5-year ARM averaged 3.32 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.
MEDIA CONTACTS: Chad Wandler
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Nicole Flores
703-903-4068
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