Lunch & Learn: The State of Housing

As housing supply dwindles, affordability concerns grow while competition heats up the market. This Lunch & Learn will examine the current state of housing, featuring experts who have an eye on the market.

HousingWire Annual Virtual Summit

Join us on October 25 for a chance to see a handpicked selection of sessions from HousingWire Annual along with technology demos from the most innovative tech companies! Register now for FREE to experience HW Annual just like you were there.

How credit scores impact lenders’ pipelines in a purchase market

When a lender works with a borrower to improve their credit score, they are able to offer the most competitive rate and terms. Learn more here!

Volly’s Grant Moon on challenges facing veterans

In this episode of HousingNews, we are joined by Grant Moon who discusses the difficulties veterans face during the home-buying process and misconceptions about VA loans.

Mortgage

Freddie Mac: Mortgage rates hit 10-month low

But even that won't help homebuying

Mortgage rates have now fallen to their lowest level within the last 10 months, according to the latest Freddie Mac Primary Mortgage Market Survey.

According to the survey, the 30-year fixed-rate mortgage averaged 4.41% for the week ending Feb. 7, 2019, moderately retreating from last week’s percentage. Unsurprisingly, this is once again higher than last year’s rate of 4.32%.

Freddie Mac Chief Economist Sam Khater said the U.S. economy remains on solid ground, inflation is contained, and the threat of higher short-term rates is fading from view, which has allowed mortgage rates to drift down to their lowest level in 10 months.

“This is great news for consumers who will be looking for homes during the upcoming spring homebuying season,” Khater continued. “Mortgage rates are essentially similar to a year ago, but today’s buyers have a larger selection of homes and more consumer bargaining power than they did the last few years.”

However, other economists aren't as positive. Yesterday Capital Economics warned that, despite lower rates, homeownership isn't likely to get a boost any time soon.

“A drop in mortgage interest rates to a nine-month low in January helped boost mortgage demand. But the jump in applications for home purchase is already unwinding,” Capital Economics stated. “Given a slowing economy and lack of homes for sale, housing demand is likely to tread water this year even as mortgage rates see further falls.”

 (Click to enlarge)

Freddie Mac - Mortgage rates

The 15-year FRM averaged 3.84% this week, sliding from last week’s 3.89%. Notably, this time last year, the 15-year FRM was 3.77%.

Lastly, the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.91%, falling from 3.96% the week before. The rate remains higher than this time in 2018 when it averaged 3.57%.

Latest Articles

Are you ready for the new CFPB director?

Over the last month, two of the biggest housing regulators either changed or were rumored to change leadership. Senior Mortgage Reporter Georgia Kromrei helps shed some light on these changes in this Q&A. HW+ Premium Content

Oct 15, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please