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%.
There are many misconceptions about the credit score needed to buy a house. Recently, it was reported that 24% of renters believe they need a 780-800 credit score to be considered for a mortgage. The reality is they are misinformed! Only 25% of the Americans have a FICO® Score between 740 and […]
WASHINGTON — Along with singing birds and longer, sunnier days, “for sale” signs posted in green lawns are a sure sign of spring. Now through summer is the busiest time of year in the real estate industry, and expert Corey Burr said it all has to do with the school […]
Know the true cost of homeownership Think you’re getting a raw deal by renting your digs? The truth is that homeownership will put you on the hook for big-ticket expenses you don’t have as a renter. In addition to your monthly mortgage payment, you’ll also have to pay property taxes, […]
