This week, the average U.S. fixed rate for a 30-year mortgage declined to 3.57%. That’s 8 points below last week’s 3.65% and more than a percentage point lower than the 4.71% of the year-earlier week, according to the Freddie Mac Primary Mortgage Market Survey.
“The fifty-year low in the unemployment rate combined with low mortgage rates has led to increased homebuyer demand this year,” Khater said. “Much of this strength is coming from entry-level buyers – the first-time homebuyer share of the loans Freddie Mac purchased in 2019 is 46%, a two-decade high.”
The 15-year FRM averaged 3.05% this week, dropping from last week’s 3.14%. This time last year, the 15-year FRM came in at 4.29%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.35%, moderately falling from last week’s rate of 3.38%. Once again, the percentage is still a significant decrease from 2018’s rate of 4.07%.
The image below highlights this week’s changes: