Freddie Mac today released the results of its Primary Mortgage Market®, showing that the 30-year fixed-rate mortgage (FRM) rate averaged 3.56 percent. While this is an increase from last week, this is the first time 30-year fixed mortgage rates have been under 3.6 percent over four consecutive weeks since the fourth quarter of 2016.
Sam Khater, Freddie Mac’s Chief Economist says, “Pipeline purchase demand continues to improve heading into the late fall with purchase mortgage applications up nine percent from a year ago. The improved demand reflects the still healthy underlying consumer economic fundamentals such as a low unemployment rate, solid wage growth and low mortgage rates. While there has been a material weakness in manufacturing and consistent trade uncertainty, so far, the American consumer has proved to be resilient with solid home purchase demand.”
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 Definitions. Borrowers may still pay closing costs which are not included in the survey.
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