Mortgage rates fell to their lowest level since early 2018, according to the latest Freddie Mac Primary Mortgage Market Survey.
The 30-year fixed-rate mortgage averaged 4.37% for the week ending Feb. 14, 2019, according to the survey, sliding from last week’s percentage. This week’s rate is slightly higher than last year’s rate of 4.38%.
“The combination of cooling inflation and slower global economic growth led mortgage rates to drift down to the lowest levels in a year,” Freddie Mac Chief Economist Sam Khater said. “While housing activity has clearly softened over the last nine months and the lingering effects of higher rates from last year are still being felt, lower mortgage rates and a strong job market should rekindle demand for the spring home buying season.”
The 15-year FRM averaged 3.81% this week, slightly retreating from last week’s 3.91%. Notably, this time last year, the 15-year FRM was 3.63%.
Lastly, the five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.88%, inching backward from 3.91% the week before. Once again, the rate remains higher than this time in 2018, when it averaged 3.63%.
You likely can’t get a mortgage to buy a home without home insurance, so you might as well know how much home insurance costs – and know how you can get the best deal on homeowners insurance. Average home insurance costs vary from state to state (as home insurance rates […]
A reverse mortgage is an increasingly attractive proposition for older Americans who may be low on cash, need to supplement retirement income, and want to use their home equity to remain in the house they own. Reverse mortgages are loans that enable U.S. homeowners over the age of 62 to cash in […]
About one out of every nine loan applications to buy a new house (10.8%) and more than one in every four loan applications to refinance a home were denied in 2018, according to data from the Federal Bureau of Consumer Financial Protection. There are lots of reasons someone may be denied a […]
