Uncertainty keeping mortgage rates low: Freddie Mac
Rates may be low, but not many people are rushing out to make a big purchase such as a home with so much economic uncertainty. score to qualify for a mortgage] According to the latest data released.
Rates for home loans fell to a seven-week low as ongoing economic uncertainty kept a tight lid on bond yields, mortgage provider Freddie Mac said Thursday. The 30-year fixed-rate mortgage averaged.
Mortgage rates are being pushed down because of it. This week’s Freddie Mac average on a 30-year fixed rate mortgage was 3.99%. That’s the first time rates have dropped below 4% since January of 2018. The chart below from Freddie Mac shows the path of interest rates on 30-year, 15-year and 5/1-year ARM.
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· Freddie Mac released the Primary Mortgage Market Survey, while Bankrate.com offered up a national weekly mortgage rate index, pooling information from the top 10 banks and thrifts.
Housing market remains sluggish in Canada despite March rebound slower pace than in March. Moreover, the labour market remains weak and corporate profits and business investment are still depressed, fuelling concern that the rebound from the recession might be slow. corporate profits were reported to have fallen by 12% in.
We expect mortgage rates to follow Treasury yields with the 30-year fixed-rate mortgage averaging 4.1% in 2019, before increasing modestly to 4.2% in 2020. Homes sales showing signs of recovery Strengthening homebuilder confidence, an increase in the level of housing permits, and low mortgage rates are expected to translate into stronger housing starts and increased home sales.
According to Freddie Mac’s latest Primary Mortgage Market Survey for June 2017, the average U.S. mortgage rate continuing to hold at year-to-date lows amidst ongoing economic uncertainty. sean becketti, chief economist of Freddie Mac said, "Following last week’s sharp decline, the 10-year treasury yield rose 3 basis points this week.
· Yet even as housing conditions improve, mortgage interest rates remain near record-low levels. Rates on a 30-year fixed-rate mortgage averaged 3.71% for the week ending June 14, according to Freddie Mac’s weekly survey of conforming rates. Before that week, rates had broken record lows for six weeks in a row.
Mortgage rates hit a 4-month low, so what’s holding back the housing market?. according to mortgage finance provider Freddie Mac. Throughout all of 2018, the 30-year-fixed averaged 4.55%, 56.
· The final rate, the 5/1 adjustable-rate mortgage, decreased minimally as well. The rate shifted downward from 2.74 percent to 2.72 this week. The rates quoted are heavily influenced by both Freddie Mac and Fannie Mae, according to Jordan Roth, senior branch manager for the Manhattan office of GFI Mortgage Bankers Inc.
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