Mortgage Rates Barely Move

MCLEAN, Va., July 19, 2018 (GLOBE NEWSWIRE) -- (OTCQB:FMCC) today released the results of its  (PMMS^®), showing that mortgage rates were once again mostly flat over the past week, inching backward slightly. 

Sam Khater, Freddie Mac’s chief economist, says mortgage rates moved sideways, primarily because of the mixed bag of economic data released this week. “Manufacturing output and consumer spending showed improvements, but construction activity was a disappointment,” he said. “This meant there was no driving force to move mortgage rates in any meaningful way, which has been the theme in the last two months. That’s good news for price sensitive home shoppers, given that this stability in borrowing costs allows them a little extra time to find the right home.”

Added Khater, “Unfortunately, don’t expect much relief from the tight inventory conditions plaguing many markets. As seen again last month, new home construction is not picking up to meet demand, and as a result, home prices are still rising at double the pace of income growth.”

News Facts

• (FRM) averaged 4.52 percent with an average 0.4 point for the week ending July 19, 2018, down from last week when it averaged 4.53 percent. A year ago at this time, the 30-year FRM averaged 3.96 percent. 
• this week averaged 4.00 percent with an average 0.4 point, down from last week when it averaged 4.02 percent. A year ago at this time, the 15-year FRM averaged 3.23 percent. 
• (ARM) averaged 3.87 percent this week with an average 0.3 point, up from last week when it averaged 3.86 percent. A year ago at this time, the 5-year ARM averaged 3.21 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the . Borrowers may still pay closing costs which are not included in the survey.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders and taxpayers. Learn more at , Twitter and Freddie Mac’s blog .

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A photo accompanying this announcement is available at