Mortgage Rates Near Three-Year Lows
MCLEAN, Va., July 25, 2019 (GLOBE NEWSWIRE) -- (OTCQB: FMCC) today released the results of its (PMMSâ), showing that mortgage rates dropped across the board after rising slightly last week.
Sam Khater, Freddie Mac’s chief economist, says, “Mortgage rates continued to hover near three-year lows and purchase application demand has responded, rising steadily over the last two months to the highest year-over-year change since the fall of 2017. While the improvement has yet to impact home sales, there’s a clear firming of purchase demand that should translate into higher home sales in the second half of this year.”
News Facts
- (FRM) averaged 3.75 percent with an average 0.5 point for the week ending July 25, 2019, down from last week when it averaged 3.81 percent. A year ago at this time, the 30-year FRM averaged 4.54 percent.
- averaged 3.18 percent with an average 0.5 point, down from last week when it averaged 3.23 percent. A year ago at this time, the 15-year FRM averaged 4.02 percent.
- (ARM) averaged 3.47 percent with an average 0.4 point, down from last week when it averaged 3.48 percent. A year ago at this time, the 5-year ARM averaged 3.87 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, investors and taxpayers. Learn more at , Twitter and Freddie Mac’s blog .
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Nicole Flores
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A photo accompanying this announcement is available at
