RESIDENTIAL | LOANS | RATES
Mortgage Rates Post Biggest Jump in Nearly a Year
Still much lower than 2018 rates, but the jump will be felt— Week ended Sept 19
Sam Khater, Freddie Mac’s Chief Economist said, “Despite the rise in mortgage rates, economic data improved this week — particularly housing activity, which gained momentum with a noticeable rise in purchase demand and new construction.
Homebuyers flocked to lenders with purchase applications, which were up fifteen percent from a year ago and residential construction permits increased twelve percent from a year ago to 1.4 million, the highest level in twelve years.
While there was initially a slow response to the overall lower mortgage rate environment this year, it is clear that the housing market is finally improving due to the strong labor market and low mortgage rates.”
Freddie Mac reports the following national averages with mortgage rates for the week ending September 19:
30-year fixed-rate mortgages
- Averaged 3.73%, with an average 0.5 point
- Rising 0.17% from last week’s 3.56% average
- One year ago, the 30-year rate average was 4.65%
15-year fixed-rate mortgages
- Averaged 3.21%, with an average 0.5 point
- 0.12% more than last week’s 3.09% average
- This week in 2018, 15-year fixed averaged 4.11%
5-year hybrid adjustable-rate mortgages
- Averaged 3.49%, with an average 0.4 point
- Up 0.13% from the 3.36% average last week
- Last year at this time, 5-year ARMs were 3.92% on average
Source: Freddie Mac
