Freddie Mac’s (OTCQB: FMCC) Primary Mortgage Market Survey® reported Thursday that the 30-year fixed-rate mortgage rate dropped below 4% for the first time since January 2018.
Sam Khater, Freddie Mac’s chief economist, said, “While economic data points to continued strength, financial sentiment is weakening, with the spread between the 10-year and the 3-month Treasury bill narrowing as fears of the impact of the trade war with China grow. Lower rates should, however, give a boost to the housing market, which has been on the upswing with both existing and new home sales picking up recently.”
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 3.99% with an average 0.5 point for the week ending May 30, 2019, down from last week when it averaged 4.06%. A year ago at this time, the 30-year FRM averaged 4.56%.
- 15-year FRM averaged 3.46% with an average 0.5 point, down from last week when it averaged 3.51%. A year ago at this time, the 15-year FRM averaged 4.06%.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.60% with an average 0.4 point, down from last week when it averaged 3.68%. A year ago at this time, the 5-year ARM averaged 3.80%.
