The average 30-year, fixed mortgage rate was 4.53 percent this week, barely moving from 4.52 percent the prior week, according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®). The average 15-year, fixed mortgage rate was 4.02 percent, up from 3.99 percent, and the average five-year, Treasury-indexed, hybrid adjustable mortgage rate was 3.86 percent, up from 3.74 percent.
“The 10-year Treasury yield continues to hover along the same narrow range, as increased global trade tensions are causing investors to take a cautious approach,” says Sam Khater, chief economist at Freddie Mac. “This in turn has kept borrowing costs at bay, which is certainly welcoming news for those looking to buy a home before the summer ends.”
“A record number of people quit their job last month, most likely for a new opportunity with higher wages and better benefits,” Khater says. “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.”
Source: Freddie Mac. Reprinted with permission from RISMedia ©2018. All rights reserved.