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

Mortgage rates inch up slightly from 3-year low

This week's rate remains 90 basis points below the same week last year

The average U.S. fixed rate for a 30-year mortgage inched up to 3.47% this week, reversing course from last week’s 3-year low of 3.45%.

Although this week’s rate is just two basis points above the previous week’s rate, it is still 90 basis points below the 4.37% of the same week last year, according to Freddie Mac.

Sam Khater, Freddie Mac’s chief economist, said mortgage rates continue to hover near historic lows, which is providing a boost to housing and mortgage demand.

“With mortgage rates hovering near a five-decade low, refinance application activity is once again surging, rising to the highest level in seven years,” said Khater. “This surge coupled with strong purchase activity means that total mortgage demand remains robust, reflective of a solid economic backdrop and a very low mortgage rate environment.”

According to the survey, the 15-year FRM averaged 2.97% this week, holding steady from last week’s rate. This time last year, the 15-year FRM came in at 3.81%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.28% this week, sliding from last week’s rate of 3.32%. Last year, the 5-year ARM averaged 3.88%.

The image below highlights this week’s changes:

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

Log In

Forgot Password?

Don't have an account? Please