Friday saw a slight rise in mortgage rates but it appears to be only a blip in this year’s trending rate declines.
The conventional 30-year fixed closed Friday at an average of 4.25%, with FHA backed financing and the VA mortgage both stalled around 4%.
Early in January, it was anticipated that rates for home loans would consistently rise through 2019 but so far there’s been no strong gains. You might even say the opposite, since the beginning of 2019 the trend has been on a steady decent with only a few insignificant reversals.
Low mortgage interest rates, along with expected seasonal gains, have caused a significant boost in the housing market. The monthly FNMA survey in March showed the strongest market sentiment since last June.
Downtrend for Mortgage Rates
By RISMedia Staff
Mortgage rates tumbled this week, according to Freddie Mac’s latest Primary Mortgage Market Survey® (PMMS®). The average 30-year, fixed rate is 4.28 percent; the average 15-year, fixed rate is 3.71 percent; and the average five-year, Treasury-indexed hybrid adjustable rate is 3.84 percent.
“Mortgage rates have dipped quite dramatically since the start of the year and house prices continue to moderate, which should help on the homebuyer affordability front,” says Sam Khater, chief economist at Freddie Mac. “The combination of improving affordability and more inventory than the last few spring selling seasons should lead to improved home sales demand.”
30-Year Fixed
- Averaging 4.28 percent, with an average 0.4 point
- Down from 4.31 percent the prior week and 4.45 percent the prior year
15-Year Fixed
- Averaging 3.71 percent, with an average 0.4 point
- Down from 3.76 percent the prior week and 3.91 percent the prior year
5-Year Adjustable
- Averaging 3.84 percent, with an average 0.3 point
- No change from the prior week, but up from 3.68 percent the prior year
Source: Freddie Mac. Reprinted with permission from RISMedia. ©2019. All rights reserved.
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