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HousingWire Annual Virtual Summit

Sessions from HousingWire Annual 2021 are going to be virtually streamed on October 25. Register now for FREE to tune into what housing industry leaders had to say this year!

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MortgageReal Estate

Freddie Mac: Mortgage rates tick up from last week’s 3-year low

This week, the 30-year fixed-rate mortgage averaged 3.56%

This week, the average U.S. fixed rate for a 30-year mortgage reversed course, averaging 3.56%. That's seven basis points above last week’s three-year low of 3.49% but more than a percentage point lower than the 4.6% of the year-earlier week, according to the Freddie Mac Primary Mortgage Market Survey.

“Pipeline purchase demand continues to improve heading into the late fall as purchase mortgage applications are up 9% from a year ago,” Freddie Mac Chief Economist Sam Khater said. “The improved demand reflects the still healthy underlying consumer economic fundamentals such as a low unemployment rate, solid wage growth and low mortgage rates.”

While there has been a material weakness in manufacturing and consistent trade uncertainty, Khater says so far, the American consumer has proved to be resilient with solid home purchase demand.

The 15-year FRM averaged 3.09% this week, ticking up from last week’s 3%. This time last year, the 15-year FRM came in at 4.06%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.36%, slightly up from last week’s rate of 3.3%. This rate is still a large decline from the same week in 2018 when it averaged 3.93%.

The image below highlights this week's changes:

Mortgage Rates Sept 12

 

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3d rendering of a row of luxury townhouses along a street

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