Mortgage rates kinda go up…?

Combined gross rate changes for big 3 sum total 0.03% — week ending July 18

Winston Robson
Jul 21 · Unlisted

Freddie Mac reports the following national averages with mortgage rates for the week ending July 18:

30-year fixed-rate mortgages

  • Averaged 3.81%, with an average 0.6 point
  • Up from last week’s 3.75% average
  • This week in 2018, 30-year rates averaged 4.52%

15-year fixed-rate mortgages

  • Averaged 3.23%, with an average 0.5 point
  • Down from a 3.22% average last week
  • One year ago, 15-year rates averaged 4.00%

5-year hybrid adjustable-rate mortgages

  • Averaged 3.48%, with an average 0.4 point
  • Down from last week’s 3.46% average
  • Last year at this time, 5-year ARMs averaged 3.87%

“Mortgage rates moved higher after remaining at around the same level for about three weeks. The rise in rates was driven by continued improvement in consumer spending and partly due to optimism around a forthcoming cut in short term interest rates, which should provide support for business and investor sentiment.

Despite this slight increase in rates, homebuyers are taking advantage of the multi-year low rates in droves, which is evident in the consistently higher refinance and purchase application volumes. The improvement in housing demand should provide sufficient momentum for the housing market and economy during the rest of the year,”

— Sam Khater; Chief Economist, Freddie Mac

Source: Freddie Mac

Regarding Real Estate

Definately not HGTV.

Unlisted

Winston Robson

Written by

Terrible in onset. Swift in execution. winstonrobson.com

Regarding Real Estate

Definately not HGTV.

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