1. 2019 Primary Mortgage Market [Current Rates & Commentary]
2019 Weekly Update: Current Rates & Commentary

Primary Mortgage Market

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Mortgage rates held steady this week, according to the latest Freddie Mac Primary Mortgage Market Survey.

10/10 10/17 10/24 10/31 11/7 11/14 11/21 11/28 12/5 3.57% 3.05% 3.35% 3.69% 3.15% 3.35% 3.75% 3.18% 3.40% 3.78% 3.19% 3.43% 3.69% 3.13% 3.39% 3.75% 3.20% 3.44% 3.66% 3.15% 3.39% 3.68% 3.15% 3.43% 3.68% 3.14% 3.39%
30-Year Fixed

For the week ending December 5, the average 30-year fixed rate was 3.68 percent, unchanged from the week before. Last year, the 30-year rate averaged 4.75 percent.

15-Year Fixed

The average rate for 15-year fixed mortgages was 3.14 percent, down a basis point from 3.15 percent the week before. A year ago at this time, 15-year rates averaged 4.21 percent.

5/1 ARM

Average rates for 5-year adjustable rate mortgages fells from 3.43 percent to 3.39 percent. It was 4.07 percent this time last year.

“This week the economy sent mixed signals, leaving mortgage rates unchanged,” said Sam Khater, Freddie Mac’s chief economist. “Survey data for manufacturing and service industries varied while construction spending fell modestly. However, homebuyer demand continued to improve, rising eight percent. Clearly homebuyers remain bullish on the real estate market.”

Bankrate.com listed the current 30-year fixed mortgage rate at 3.70 percent; 15-year fixed at 3.13 percent; 30-year jumbo rates at 3.92 percent; and a 5-year ARM at 3.82 percent.

Wells Fargo’s rates for the past week were 3.75 percent on a 30-year fixed and 3.5 percent on a 30-year jumbo; 3 percent on a 15-year fixed and 3.125 percent on a 15-year jumbo; 3.125 percent on a 5-year ARM and on a 7-year ARM.

Bank of America listed its current 30-year fixed at 3.625 percent, 20-year at 3.5 percent, and 15-year at 3 percent. Its 5-year ARM is 2.75 percent and 10-year ARM is 3.125 percent.

Week of November 28, 2019

Mortgage rates rose slightly during a holiday-shortened week, according to the latest Freddie Mac Primary Mortgage Market Survey.

10/3 10/10 10/17 10/24 10/31 11/7 11/14 11/21 11/28 3.65% 3.14% 3.38% 3.57% 3.05% 3.35% 3.69% 3.15% 3.35% 3.75% 3.18% 3.40% 3.78% 3.19% 3.43% 3.69% 3.13% 3.39% 3.75% 3.20% 3.44% 3.66% 3.15% 3.39% 3.68% 3.15% 3.43%
30-Year Fixed

For the week ending November 28, the average 30-year fixed mortgage rate was 3.68 percent. That was up slightly from 3.66 percent from the week before. Last year, the 30-year fixed rate averaged 4.81 percent.

15-Year Fixed

The average 15-year fixed rate remained unchanged from week-to-week at 3.15 percent. A year ago at this time, the 15-year rate averaged 4.25 percent.

5/1 ARM

The average 5-year adjustable rate mortgage rate increased from 3.39 percent to 3.43 percent this week. Last year’s average was 4.12 percent.

“Following a decline in the first nine months of 2019, mortgage rates have traded narrower during the last two months with a modest drift upward due to an improved economic outlook,” said Sam Khater, Freddie Mac’s chief economist.

“While there has been a lag in the housing market’s response to lower rates, real estate volumes have clearly shifted into a higher gear. Moreover, the recent improvement in the cyclical segments of the economy and easing financial conditions will provide a gentle tailwind to the real estate market rebound over the next few months.”

Week of November 21, 2019

After several weeks of upward movement, average mortgage rates moderated this week.

9/26 10/3 10/10 10/17 10/24 10/31 11/7 11/14 11/21 3.64% 3.16% 3.38% 3.65% 3.14% 3.38% 3.57% 3.05% 3.35% 3.69% 3.15% 3.35% 3.75% 3.18% 3.40% 3.78% 3.19% 3.43% 3.69% 3.13% 3.39% 3.75% 3.20% 3.44% 3.66% 3.15% 3.39%
30-Year Fixed

The latest Freddie Mac Primary Mortgage Market Survey showed 30-year fixed rates averaging 3.66 percent for the week ending November 21. That was nine basis points below the 3.75 percent average the week before. A year ago at this time, the 30-year rate averaged 4.81 percent, according to Freddie Mac.

15-Year Fixed

Freddie Mac reported an average 15-year fixed rate at 3.15 percent, down from 3.20 percent the week before. Last year’s average was 4.24 percent.

5/1 ARM

The typical rate for a 5-year adjustable rate mortgage dropped from 3.44 percent to 3.39 percent, according to Freddie Mac. The average was 4.09 percent last year.

At the current 30-year average, borrowers would pay $471.10 each month for every $100,000 borrowed, down from $475.11 last week.

Bankrate’s weekly survey of large lenders showed the benchmark 30-year rate at 3.89 percent, down from 3.96 percent the previous week. Bankrate said the 30-year fixed has averaged 4.22 percent for the past year.

Bankrate’s survey showed the 15-year average rate falling from 3.32 percent to 3.25 percent. Borrowers would pay $702.67 each month for every $100,000 borrowed on a typical 15-year fixed, down from $706.08 last week.

Bankrate’s survey showed 5-year ARMs averaging 3.60 percent, compared with 3.76 percent the year before. At the current 5-year ARM rate, homeowners will pay $454.65 each month for every $100,000 borrowed, down from $463.68 last week.

Week of November 14, 2019

Mortgage rates moved upward this week, marking the fourth weekly increase in the last five weeks.

9/19 9/26 10/3 10/10 10/17 10/24 10/31 11/7 11/14 3.73% 3.21% 3.49% 3.64% 3.16% 3.38% 3.65% 3.14% 3.38% 3.57% 3.05% 3.35% 3.69% 3.15% 3.35% 3.75% 3.18% 3.40% 3.78% 3.19% 3.43% 3.69% 3.13% 3.39% 3.75% 3.20% 3.44%
30-Year Fixed

According to the Freddie Mac Primary Mortgage Market Survey, the average 30-year fixed rate for the week ending November 14 was 3.75 percent. That was up six basis points from the 3.69 percent average the week before. Last year’s average for 30-year rates was 4.94 percent.

15-Year Fixed

The average rate for 15-year fixed mortgages rose from 3.13 percent to 3.20 percent. A year ago at this time, it was 4.36 percent.

5/1 ARM

Five-year adjustable-rate mortgages had an average rate of 3.44 percent this week. That was up from 3.39 percent from a week ago. Last year, 5-year ARM rates averaged 4.14 percent.

“The modest uptick in mortgage rates over the last two months reflects declining recession fears and a more sanguine outlook for the global economy,” said Sam Khater, Freddie Mac’s chief economist.

“Due to the improved economic outlook, purchase mortgage applications rose fifteen percent over the same week a year ago, the second highest weekly increase in the last two years,” said Khater.

“Given the important role residential real estate plays in the economy, the steady improvement of the housing market is a reassuring sign that the economy is on solid ground heading into next year.”

Week of November 7, 2019

After climbing for each of the past three weeks, mortgage rates dropped during the week ending November 7, according to the latest Freddie Mac Primary Mortgage Market Survey.

9/12 9/19 9/26 10/3 10/10 10/17 10/24 10/31 11/7 3.56% 3.09% 3.36% 3.73% 3.21% 3.49% 3.64% 3.16% 3.38% 3.65% 3.14% 3.38% 3.57% 3.05% 3.35% 3.69% 3.15% 3.35% 3.75% 3.18% 3.40% 3.78% 3.19% 3.43% 3.69% 3.13% 3.39%
30-Year Fixed

Freddie Mac’s survey showed the average 30-year fixed rate falling from 3.78 percent to 3.69 percent in the past week. A year ago at this time, it was 4.94 percent.

15-Year Fixed

Average 15-year fixed rates decreased from 3.19 percent to 3.13 percent. Last year, the going 15-year rate was 4.33 percent.

5/1 ARM

The rate on five-year adjustable rate mortgages averaged 3.39 percent this week. That was down from 3.43 percent the week before and 4.14 percent last year.

“After a year-long slide, mortgage rates hit a cycle low in September 2019 and have risen in six out of the last nine weeks due to modestly better economic data and trade related optimism,” said Sam Khater, Freddie Mac’s chief economist.

Bankrate’s latest survey of national mortgage lenders showed the 30-year fixed rate averaging 3.78 percent. Its average 15-year fixed rate was 3.38 percent and the 5-year ARM averaged 3.98 percent.

Week of October 31, 2019

Fixed mortgage rates edged upward this week, marking the third consecutive week of rate increases, according to Freddie Mac. The last time fixed mortgage rates rose three consecutive weeks was April of this year.

9/5 9/12 9/19 9/26 10/3 10/10 10/17 10/24 10/31 3.49% 3.00% 3.30% 3.56% 3.09% 3.36% 3.73% 3.21% 3.49% 3.64% 3.16% 3.38% 3.65% 3.14% 3.38% 3.57% 3.05% 3.35% 3.69% 3.15% 3.35% 3.75% 3.18% 3.40% 3.78% 3.19% 3.43%
30-Year Fixed

The average rate for a 30-year fixed mortgage ended the week of October 31 at 3.78 percent. That was three basis points above the 3.75 percent average the week before. It remains over a full percentage point below last year’s 4.83 percent average 30-year rate.

15-Year Fixed

Borrowers for 15-year fixed rate mortgages were given an average rate of 3.19 rate this week, compared with 3.18 percent the week before. Last year, it was 4.23 percent.

5/1 ARM

The going rate for a 5-year adjustable rate mortgage also went up this week, from 3.40 percent to 3.43 percent. A year ago at this time, the 5-year ARM was 4.04.

Bankrate’s weekly survey of large lenders showed the average 30-year fixed rate at 3.96 percent this week. That’s up from 3.83 percent four weeks ago, but down significantly from 5.06 percent last year.

According to Bankrate's weekly Rate Trend Index, half the industry experts they surveyed predicted mortgage rates will remain steady over the next week. About 20 percent of surveyed lenders think rates will rise while 30 percent expect a drop in mortgage rates.

Week of October 24, 2019

Mortgage rates rose this week, with the 30-year fixed rate climbing to its highest level in 12 weeks.

8/29 9/5 9/12 9/19 9/26 10/3 10/10 10/17 10/24 3.58% 3.06% 3.31% 3.49% 3.00% 3.30% 3.56% 3.09% 3.36% 3.73% 3.21% 3.49% 3.64% 3.16% 3.38% 3.65% 3.14% 3.38% 3.57% 3.05% 3.35% 3.69% 3.15% 3.35% 3.75% 3.18% 3.40%
30-Year Fixed

According to the latest Freddie Mac Primary Mortgage Market Survey, 30-year rates averaged 3.75 percent for the week ending October 24. That was up from 3.69 percent the week before. Last year, 30-year fixed rates averaged 4.86 percent.

15-Year Fixed

Rates for 15-year fixed mortgages rose slightly from 3.15 percent to 3.18 percent. A year ago, the 15-year rate averaged 4.29 percent.

5/1 ARM

The average rate for a 5-year adjustable rate mortgage this week was 3.4 percent, up from 3.35 percent the week before. A year ago at this time, the going rate for a 5-year ARM was 4.14 percent.

“The outlook for a favorable resolution to the trade dispute between the U.S. and China is still unclear, introducing some volatility into financial markets and the benchmark 10-year Treasury yield,” said Sam Khater, Freddie Mac’s chief economist.

“Mortgage rates are following suit but are at near historic lows, while mortgage applications to purchase a home remain higher year over year.”

Week of October 17, 2019

The recent roller coaster movement of mortgage rates continued this week as fixed rates jumped higher.

8/22 8/29 9/5 9/12 9/19 9/26 10/3 10/10 10/17 3.55% 3.03% 3.32% 3.58% 3.06% 3.31% 3.49% 3.00% 3.30% 3.56% 3.09% 3.36% 3.73% 3.21% 3.49% 3.64% 3.16% 3.38% 3.65% 3.14% 3.38% 3.57% 3.05% 3.35% 3.69% 3.15% 3.35%
30-Year Fixed

Rates for 30-year fixed mortgages averaged 3.69 percent for the week ending October 17. That was 12 basis points higher than the week before. A year ago, 30-year rates averaged 4.85 percent.

15-Year Fixed

The average 15-year fixed rate was 3.15 percent this week, 10 basis points higher than the week before. A year ago, 15-year rates averaged 4.26 percent.

5/1 ARM

Rates for 5-year adjustable rate mortgages remained unchanged this week at 3.35 percent. Last year, 5-year ARM rates averaged 4.10 percent.

“Despite this week’s uptick in mortgage rates, the housing market remains on the upswing with improvement in construction and home sales,” said Sam Khater, Freddie Mac’s chief economist. “While there has been a material weakness in manufacturing and consistent trade uncertainty, other economic trends like employment and homebuilder sentiment are encouraging.”

Despite this week's increase in the Freddie Mac Primary Mortgage Market Survey, fixed rates are more than a full percentage point below where they were a year ago at this time.

Week of October 10, 2019

Mortgage rates declined this week, according to the latest Freddie Mac Primary Mortgage Market Survey.

8/15 8/22 8/29 9/5 9/12 9/19 9/26 10/3 10/10 3.60% 3.07% 3.35% 3.55% 3.03% 3.32% 3.58% 3.06% 3.31% 3.49% 3.00% 3.30% 3.56% 3.09% 3.36% 3.73% 3.21% 3.49% 3.64% 3.16% 3.38% 3.65% 3.14% 3.38% 3.57% 3.05% 3.35%
30-Year Fixed

For the week ending October 10, the average 30-year fixed rate was 3.57 percent. That was down eight basis points from 3.65 percent the week before. Thirty-year rates are nearly a percentage and a half lower than this time last year, when they averaged 4.9 percent.

15-Year Fixed

The going rate on a 15-year fixed mortgage fell nine basis points this week, from 3.14 percent to 3.05 percent. Last year, 15-year rates averaged 4.29 percent.

5/1 ARM

Five-year adjustable rate mortgage rates fell slightly from 3.38 percent to 3.35 percent. A year ago at this time, the 5-year ARM averaged 4.07 percent.

“Despite the economic slowdown due to weakening manufacturing and corporate investment, the consumer side of the economy remains on solid ground,” said Sam Khater, Freddie Mac’s chief economist.

“The 50-year low in the unemployment rate combined with low mortgage rates has led to increased homebuyer demand this year. Much of this strength is coming from entry-level buyers – the first-time homebuyer share of the loans Freddie Mac purchased in 2019 is 46 percent, a two-decade high.”

Week of October 3, 2019

Following a volatile September, mortgage rates held steady the first week of October.

8/8 8/15 8/22 8/29 9/5 9/12 9/19 9/26 10/3 3.60% 3.05% 3.36% 3.60% 3.07% 3.35% 3.55% 3.03% 3.32% 3.58% 3.06% 3.31% 3.49% 3.00% 3.30% 3.56% 3.09% 3.36% 3.73% 3.21% 3.49% 3.64% 3.16% 3.38% 3.65% 3.14% 3.38%
30-Year Fixed

According to the latest Freddie Mac Primary Mortgage Market Survey, 30-year fixed rates ended the week of October 3 averaging 3.65 percent. That was up just slightly from 3.64 the week before. A year ago, 30-year rates were at 4.71 percent.

15-Year Fixed

Rates for 15-year fixed mortgages rose from 3.14 percent to 3.16 percent. Last year’s average 15-year rate was 4.15 percent.

5/1 ARM

Five-year adjustable rate mortgage rates averaged 3.38 percent this week, unchanged from the week before. A year ago at this time, the 5-year ARM averaged 4.01 percent.

“While mortgage rates generally held steady this week, overall mortgage demand remained very strong, rising over 50 percent from a year ago thanks to increases in both refinance and purchase mortgage applications,” said Sam Khater, Freddie Mac's chief economist.

"As economic growth decelerates, it is clear that low mortgage rates will continue to support the mortgage market and we expect that to persist for the remainder of the year.”

Bankrate.com listed the current 30-year fixed mortgage rate at 3.69 percent; 15-year fixed at 3.14 percent; 30-year jumbo rates at 3.98 percent; and a 5-year ARM at 3.92 percent.

Wells Fargo’s rates for the past week were 3.5 percent on a 30-year fixed and 3.5 percent on a 30-year jumbo; 2.875 percent on a 15-year fixed and 3 percent on a 15-year jumbo; 2.875 percent on a 5-year ARM and 2.875 percent on a 7-year ARM.

Bank of America listed its current 30-year fixed at 3.375 percent, 20-year at 3.375 percent, and 15-year at 2.75 percent. Its 5-year ARM is 2.625 percent and 10-year ARM is 3 percent.

Week of September 26, 2019

Mortgage rates fell this week following increases the past two weeks.

8/1 8/8 8/15 8/22 8/29 9/5 9/12 9/19 9/26 3.75% 3.20% 3.46% 3.60% 3.05% 3.36% 3.60% 3.07% 3.35% 3.55% 3.03% 3.32% 3.58% 3.06% 3.31% 3.49% 3.00% 3.30% 3.56% 3.09% 3.36% 3.73% 3.21% 3.49% 3.64% 3.16% 3.38%
30-Year Fixed

For the week ending September 26, 30-year fixed rates averaged 3.64 percent, according to Freddie’s latest Primary Mortgage Market Survey. The week before, 30-year rates averaged 3.73 percent. A year ago, they averaged 4.72 percent.

15-Year Fixed

Average rates for 15-year fixed mortgages fell from 3.21 percent to 3.16 percent this week. Last year, the average was 4.16 percent.

5/1 ARM

Five-year adjustable-rate mortgage rates averaged 3.38 percent, down from 3.49 percent the previous week. A year ago at this time, the 5-year ARM averaged 3.97 percent.

“With both the unemployment rate and mortgage rate below four percent and near historic lows, it is no surprise that the housing market regained momentum with home sales and construction at or near decade highs,” said Sam Khater, Freddie Mac’s chief economist. “The fall housing market is poised to continue with steady gains in prices and solid sales activity.”

According to Freddie Mac, September was the most volatile month for rate movements since March. In the past four weeks, 30-year rates have moved by an average of 11 basis points.

Week of September 19, 2019

A sell-off in the bond market this week caused mortgage rates to jump.

7/25 8/1 8/8 8/15 8/22 8/29 9/5 9/12 9/19 3.75% 3.18% 3.47% 3.75% 3.20% 3.46% 3.60% 3.05% 3.36% 3.60% 3.07% 3.35% 3.55% 3.03% 3.32% 3.58% 3.06% 3.31% 3.49% 3.00% 3.30% 3.56% 3.09% 3.36% 3.73% 3.21% 3.49%
30-Year Fixed

According to the Freddie Mac Primary Mortgage Market Survey, the average rate on a 30-year fixed mortgage climbed to 3.73 percent for the week ending September 19. That was nearly 20 basis points higher than the 3.56 percent average the week before. This week’s 30-year fixed mortgage rate increase is the largest week-to-week uptick since October 2018, according to Freddie Mac. Last year at this time, the 30-year rate averaged 4.65 percent.

15-Year Fixed

Average rates on 15-year loans rose from 3.09 percent to 3.21 percent. A year ago at this time, the 15-year mortgage averaged 4.11 percent.

5/1 ARM

The going rate for a 5-year adjustable rate mortgage was 3.36 percent this week, up slightly from 3.30 percent the week before. Last year’s 5-year ARM rate averaged 3.93 percent.

“Despite the rise in mortgage rates, economic data improved this week – particularly housing activity, which gained momentum with a noticeable rise in purchase demand and new construction,” said Sam Khater, Freddie Mac’s Chief Economist.

The movement in mortgage rates was affected by a sell-off in the bond market this week, which caused Treasury yields to increase. Typically, when Treasury yields rise, banks charge higher interest rates for mortgages; when they fall, banks typically lower mortgage rates. Mortgage rates typically remain higher than Treasury yields because they are a riskier investment.

A survey of mortgage experts by Bankrate predicts that mortgage rates will either remain study or increase further over the next week. None of the experts surveyed believe mortgage rates will fall, while 22 percent expect them to rise. The remaining 78 percent predict no change.

Freddie Mac says the housing market remains strong.

“Homebuyers flocked to lenders with purchase applications, which were up 15 percent from a year ago and residential construction permits increased 12 percent from a year ago to 1.4 million, the highest level in 12 years. While there was initially a slow response to the overall lower mortgage rate environment this year, it is clear that the housing market is finally improving due to the strong labor market and low mortgage rates.”

Week of September 12, 2019

Mortgage rates rose this week following last week’s decline, according to the latest Freddie Mac Primary Mortgage Market survey.

7/18 7/25 8/1 8/8 8/15 8/22 8/29 9/5 9/12 3.81% 3.23% 3.48% 3.75% 3.18% 3.47% 3.75% 3.20% 3.46% 3.60% 3.05% 3.36% 3.60% 3.07% 3.35% 3.55% 3.03% 3.32% 3.58% 3.06% 3.31% 3.49% 3.00% 3.30% 3.56% 3.09% 3.36%
30-Year Fixed

The average 30-year fixed rate was 3.56 for the week ending September 12. That marked the fourth consecutive week that 30-year mortgage rates have been under 3.6 percent, which hadn’t occurred in nearly three years. Thirty-year rates averaged 3.49 percent the week before. A year ago, they averaged 4.6 percent.

15-Year Fixed

Average rates for 15-year fixed mortgages climbed from 3 percent last week to 3.09 percent this week. A year ago, 15-year rates averaged 4.06 percent.

5/1 ARM

The going rate for a 5-year adjustable rate mortgage was 3.36 percent this week, up slightly from 3.30 percent the week before. Last year’s 5-year ARM rate averaged 3.93 percent.

“Pipeline purchase demand continues to improve heading into the late fall with purchase mortgage applications up nine percent from a year ago,” said Sam Khater, Freddie Mac’s chief economist.

“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.”

Week of September 5, 2019

Mortgage rates declined this week, with average rates for 30-year and 15-year loans falling to a full percentage point or more below where they were last year.

7/11 7/18 7/25 8/1 8/8 8/15 8/22 8/29 9/5 3.75% 3.22% 3.46% 3.81% 3.23% 3.48% 3.75% 3.18% 3.47% 3.75% 3.20% 3.46% 3.60% 3.05% 3.36% 3.60% 3.07% 3.35% 3.55% 3.03% 3.32% 3.58% 3.06% 3.31% 3.49% 3.00% 3.30%
30-Year Fixed

According to Freddie Mac’s Primary Mortgage Market Survey, average 30-year fixed loans ended the week of September 5 at 3.49 percent. That was down from 3.58 percent the week before. A year ago, 30-year rates averaged 4.54 percent.

15-Year Fixed

The 15-year fixed rate averaged 3 percent for the week, down from 3.06 percent the week before. Last year, a typical 15-year rate was 3.99 percent.

5/1 ARM

Five-year adjustable rate mortgage rates dipped slightly from 3.31 percent to 3.30 percent. Average rates are down from 3.93 percent a year ago.

“Mortgage rates continued the summer swoon due to weaker economic data,” said Sam Khater, Freddie Mac’s Chief Economist. “While economic growth is clearly slowing due to rising manufacturing and trade headwinds, economic fundamentals are still solid for U.S. consumers. The unemployment rate is low, housing affordability is improving, homebuyer demand is rising, and home price growth is stable.”

Perspective homebuyers should benefit from low mortgage rates for the foreseeable future. They may even see lower rates in the coming weeks.

According to the Bankrate Weekly Rate Trend Index, half the industry experts they surveyed predicted mortgage rates will fall.

There is wide consensus that the Federal Reserve will lower interest rates later this month. While the Fed’s actions don’t directly affect mortgage rates, they often move in anticipation of an expected cut to short-term rates.

Week of August 29, 2019

Mortgage rates edged up slightly this week according to the latest Freddie Mac Primary Mortgage Market Survey.

7/4 7/11 7/18 7/25 8/1 8/8 8/15 8/22 8/29 3.75% 3.18% 3.45% 3.75% 3.22% 3.46% 3.81% 3.23% 3.48% 3.75% 3.18% 3.47% 3.75% 3.20% 3.46% 3.60% 3.05% 3.36% 3.60% 3.07% 3.35% 3.55% 3.03% 3.32% 3.58% 3.06% 3.31%
30-Year Fixed

For the week ending August 29, 30-year fixed rates averaged 3.58 percent. That was up from 3.55 percent the week before. Last year, the typical 30-year rate was 4.52 percent.

15-Year Fixed

Rates for 15-year fixed mortgages increased from 3.03 percent to 3.06 percent this week. That is well below last year’s average of 3.97 percent.

5/1 ARM

The average rate for a 5-year adjustable rate mortgage dipped slightly from 3.32 percent to 3.31 percent. A year ago at this time, the 5-year ARM averaged 3.85 percent.

“Low mortgage rates along with a strong labor market are fueling the consumer-driven economy by boosting their purchasing power, which will certainly support housing market activity in the coming months,” said Sam Khater, Freddie Mac’s Chief Economist.

Bankrate.com listed the current 30-year fixed mortgage rate at 3.71 percent; 15-year fixed at 3.06 percent; 30-year jumbo rates at 4.20 percent; and a 5-year ARM at 3.83 percent.

Wells Fargo’s rates for the past week were 3.625 percent on a 30-year fixed and 3.5 percent on a 30-year jumbo; 3 percent on a 15-year fixed and 3 percent on a 15-year jumbo; 3 percent on a 5-year ARM and 3 percent on a 7-year ARM.

Bank of America listed its current 30-year fixed at 3.375 percent, 20-year at 3.25 percent, and 15-year at 2.75 percent. Its 5-year ARM is 2.75 percent and 10-year ARM is 3.125 percent.

Week of August 22, 2019

Freddie Mac reported another drop in mortgage rates this week, which it says is helping strengthen the nation’s real estate market.

6/27 7/4 7/11 7/18 7/25 8/1 8/8 8/15 8/22 3.73% 3.16% 3.39% 3.75% 3.18% 3.45% 3.75% 3.22% 3.46% 3.81% 3.23% 3.48% 3.75% 3.18% 3.47% 3.75% 3.20% 3.46% 3.60% 3.05% 3.36% 3.60% 3.07% 3.35% 3.55% 3.03% 3.32%
30-Year Fixed

According to Freddie’s latest Primary Mortgage Market Survey, 30-year fixed mortgage rates averaged 3.55 percent for the week ending August 22. That’s the lowest average rate since November 2016 and down from 3.60 percent the week before.

15-Year Fixed

Average rates for 15-year fixed mortgages dropped from 3.07 percent to 3.03 percent this week. Last year, 15-year rates averaged 3.98 percent.

5/1 ARM

The average rate for 5-year adjustable rate mortgages fell from 3.35 percent to 3.32 percent. They were 3.82 percent a year ago.

“The drop in mortgage rates continues to stimulate the real estate market and the economy,” said Sam Khater, Freddie Mac’s chief economist.

“Home purchase demand is up five percent from a year ago and has noticeably strengthened since the early summer months, while refinances surged to their highest share in three and a half years. Households that refinanced in the second quarter of 2019 will save an average of $1,700 a year, which is equivalent to about $140 each month.

“The benefit of lower mortgage rates is not only shoring up home sales, but also providing support to homeowner balance sheets via higher monthly cash flow and steadily rising home equity.”

Week of August 15, 2019

A week after falling to a three-year low, mortgage rates held steady for the week ending August 15.

6/20 6/27 7/4 7/11 7/18 7/25 8/1 8/8 8/15 3.84% 3.25% 3.48% 3.73% 3.16% 3.39% 3.75% 3.18% 3.45% 3.75% 3.22% 3.46% 3.81% 3.23% 3.48% 3.75% 3.18% 3.47% 3.75% 3.20% 3.46% 3.60% 3.05% 3.36% 3.60% 3.07% 3.35%
30-Year Fixed

According to the Freddie Mac Primary Mortgage Market Survey, the average 30-year rate was unchanged at 3.6 percent this week. That was down almost a full percentage point from last year's average of 4.53 percent.

15-Year Fixed

Rates for 15-year fixed loans bumped up slightly from 3.05 percent to 3.07 percent. The 15-year rate averaged 4.01 percent a year ago.

5/1 ARM

The going rate for a 5-year adjustable rate mortgage fell slightly from 3.36 percent to 3.35 percent. A year ago, it averaged 3.87 percent.

“The sound and fury of the financial markets continue to warn of an impending recession, however, the silver lining is mortgage demand reached a three-year high this week,” said Sam Khater, Freddie Mac’s chief economist.

“The decline in mortgage rates over the last month is causing a spike in refinancing activity – as homeowners currently have $2 trillion in conventional mortgage loans that are in the money – which will help support consumer balance sheets and increase household cash flow. On top of that, purchase demand is up seven percent from a year ago.”

Week of August 8, 2019

Mortgage rates dropped sharply this week to their lowest level in nearly three years.

6/13 6/20 6/27 7/4 7/11 7/18 7/25 8/1 8/8 3.82% 3.26% 3.51% 3.84% 3.25% 3.48% 3.73% 3.16% 3.39% 3.75% 3.18% 3.45% 3.75% 3.22% 3.46% 3.81% 3.23% 3.48% 3.75% 3.18% 3.47% 3.75% 3.20% 3.46% 3.60% 3.05% 3.36%
30-Year Fixed

According to the latest Freddie Mac Primary Mortgage Market survey, average 30-year fixed mortgage rates ended the week of August 8 at 3.60 percent. That was a decrease from 3.75 percent the week before.

15-Year Fixed

Average 15-year fixed rates dropped from 3.20 percent to 3.05 percent in the last week. Last year’s average was 4.05 percent.

5/1 ARM

Rates for 5-year adjustable rate mortgages fell from 3.46 percent to 3.36 percent. A year ago at this time, the average 5-year ARM was 3.90 percent.

“There is a tug of war in the financial markets between weaker business sentiment and consumer sentiment,” said Sam Khater, Freddie Mac’s chief economist, explaining the cause of the steep drop this week.

“Business sentiment is declining on negative trade and manufacturing headlines, but consumer sentiment remains buoyed by a strong labor market and low rates that will continue to drive home sales into the fall.”

Current rates for the 30-year mortgage are nearly a full percentage point lower than the same point last year, when they averaged 4.59 percent.

The principal and interest payment on a 30-year, $300,000 mortgagee would be $1,363 at the current average rate. It would have been $2,056 at last year’s higher rate.

Week of August 1, 2019

Mortgage rates remained flat for the week, according to the latest Freddie Mac Primary Mortgage Market Survey.

6/6 6/13 6/20 6/27 7/4 7/11 7/18 7/25 8/1 3.82% 3.28% 3.52% 3.82% 3.26% 3.51% 3.84% 3.25% 3.48% 3.73% 3.16% 3.39% 3.75% 3.18% 3.45% 3.75% 3.22% 3.46% 3.81% 3.23% 3.48% 3.75% 3.18% 3.47% 3.75% 3.20% 3.46%
30-Year Fixed

Average rates for 30-year fixed mortgages remained unchanged from last week, ending the week of August 1 at 3.75 percent. That’s 85 basis points below last year’s average of 4.60 percent.

15-Year Fixed

The average rate for a 15-year fixed mortgage rose slightly from 3.18 percent to 3.20 percent this week. A year ago, 15-year rates were 88 basis points higher at 4.08 percent.

5/1 ARM

Five-year adjustable rate mortgage rates averaged 3.46 percent this week, down a point from 3.47 percent the week before. The going rate for 5-year ARMs was 3.93 percent last year at this time.

“Mortgage rates have essentially stabilized over the last two months, which reflects the recovery and improvement in the economy from the malaise earlier in the year,” said Sam Khater, Freddie Mac’s chief economist.

“Going forward, the combination of low mortgage rates, tight labor market and high consumer confidence should set up the housing market for continued improvement in home sales heading into the late summer and early fall.”

Bankrate.com listed the current 30-year fixed mortgage rate at 3.88 percent; 15-year fixed at 3.19 percent; 30-year jumbo rates at 4.04 percent; and a 5-year ARM at 3.87 percent.

Wells Fargo’s rates for the past week were 3.75 percent on a 30-year fixed and 3.625 percent on a 30-year jumbo; 3.125 percent on a 15-year fixed and 3.25 percent on a 15-year jumbo; 3.375 percent on a 5-year ARM and 3.5 percent on a 7-year ARM.

Bank of America listed its current 30-year fixed at 3.5 percent, 20-year at 3.5 percent, and 15-year at 2.75 percent. Its 5-year ARM is 2.875 percent and 10-year ARM is 3.375 percent.

Week of July 25, 2019

Mortgage rates fell in the past week to near three-year lows, according to the latest Freddie Mac Primary Mortgage Market Survey.

5/30 6/6 6/13 6/20 6/27 7/4 7/11 7/18 7/25 3.99% 3.46% 3.60% 3.82% 3.28% 3.52% 3.82% 3.26% 3.51% 3.84% 3.25% 3.48% 3.73% 3.16% 3.39% 3.75% 3.18% 3.45% 3.75% 3.22% 3.46% 3.81% 3.23% 3.48% 3.75% 3.18% 3.47%
30-Year Fixed

For the week ending July 25, 30-year fixed mortgages carried an average rate of 3.75 percent. That was down from 3.81 percent from the week before. Last year at this time, 30-year rates averaged 4.54 percent.

15-Year Fixed

This week’s 15-year fixed rate averaged 3.18 percent, a decrease from 3.23 the previous week. A year ago, the 15-year fixed rate averaged 4.02 percent.

5/1 ARM

Average rates on 5-year adjustable rate mortgages fell slightly from 3.48 percent to 3.47 percent this week. Last year’s average rate was 3.87 percent.

“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,” said Sam Khater, Freddie Mac’s chief economist.

“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.”

Week of July 18, 2019

Mortgage rates edged upward this past week, according to the latest Freddie Mac Primary Mortgage Market Survey.

5/23 5/30 6/6 6/13 6/20 6/27 7/4 7/11 7/18 4.06% 3.51% 3.68% 3.99% 3.46% 3.60% 3.82% 3.28% 3.52% 3.82% 3.26% 3.51% 3.84% 3.25% 3.48% 3.73% 3.16% 3.39% 3.75% 3.18% 3.45% 3.75% 3.22% 3.46% 3.81% 3.23% 3.48%
30-Year Fixed

For the week ending July 18, the 30-year fixed mortgage rate averaged 3.81 percent, up from 3.75 percent the week before. A year ago, typical 30-year rates were 4.52 percent.

15-Year Fixed

The average 15-year fixed rate inched upward from 3.22 percent to 3.23 percent. A year ago at this time, the 15-year mortgage rate averaged 4 percent.

5/1 ARM

The average rate for a 5-year adjustable-rate mortgage was 3.48 this week. It was 3.46 percent the week before. Last year, it was 3.87 percent.

“The rise in rates was driven by continued improvement in consumer spending and partly due to optimism around a forthcoming cut in short term interest rates, which should provide support for business and investor sentiment,” said Sam Khater, Freddie Mac’s chief economist.

“Despite this slight increase in rates, homebuyers are taking advantage of the multi-year low rates in droves, which is evident in the consistently higher refinance and purchase application volumes. The improvement in housing demand should provide sufficient momentum for the housing market and economy during the rest of the year.”

Week of July 11, 2019

According to the latest Freddie Mac Primary Mortgage Market Survey, home loan rates remained in a holding pattern for the second consecutive week.

5/16 5/23 5/30 6/6 6/13 6/20 6/27 7/4 7/11 4.07% 3.53% 3.66% 4.06% 3.51% 3.68% 3.99% 3.46% 3.60% 3.82% 3.28% 3.52% 3.82% 3.26% 3.51% 3.84% 3.25% 3.48% 3.73% 3.16% 3.39% 3.75% 3.18% 3.45% 3.75% 3.22%