Mortgage

Freddie Mac: Mortgage rates sink to a near 3-year low

This week, the 30-year fixed-rate mortgage averaged 3.75%

This week, the 30-year, fixed-rate mortgage averaged 3.75%, falling from last week’s 3.81%. A year ago, the rate averaged 4.54%, according to the Freddie Mac Primary Mortgage Market Survey.

“Mortgage rates continued to hover near three-year lows and purchase application demand has responded, rising steadily over the last two months to the highest year-over-year change since the fall of 2017,” Freddie Mac Chief Economist Sam Khater said. “While the improvement has yet to impact home sales, there’s a clear firming of purchase demand that should translate into higher home sales in the second half of this year.”

The 15-year FRM averaged 3.18% this week, retreating from last week’s 3.23%. This time last year, the 15-year FRM came in at 4.02%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.47%, inching backward from last week’s rate of 3.48%. This rate is lower than the same week in 2018 when it averaged 3.87%.

The image below highlights this week's changes:

Freddie Mac/ Mortgage rates July 26.jpg

Most Popular Articles

With record-low mortgage rates, originators and real estate agents aren’t taking a holiday anytime soon

Low rates are making this summer one for the record books. Accordingly, loan officers, underwriters, real estate agents and those working in title and settlement offices are continuing to work the long hours that have become the norm since March. Not that they’re complaining.

Jul 02, 2020 By

Latest Articles

Is it worth it for lenders to reopen physical offices?

What are the mortgage industry’s plans when it comes to re-entry? Many in the industry believe that increased digitization of the industry lends itself well to remote work.

Jul 06, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please