1. Current Primary Mortgage Market Rates: Weekly Update
LeverageRx Weekly Update

Current Primary Mortgage Market Rates

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Fixed mortgage rates dropped for the third consecutive week according to the latest Freddie Mac Primary Mortgage Market Survey.

3/21 3/28 4/4 4/11 4/18 4/25 5/2 5/9 5/16 4.28% 3.71% 3.84% 4.06% 3.57% 3.75% 4.08% 3.56% 3.66% 4.12% 3.60% 3.80% 4.17% 3.62% 3.78% 4.20% 3.64% 3.77% 4.14% 3.60% 3.68% 4.10% 3.57% 3.63% 4.07% 3.53% 3.66%
30-Year Fixed

For the week ending May 16, the average 30-year fixed rate was 4.07 percent, down from 4.10 percent the week before and 4.20 percent three weeks ago. A year ago at this time, the 30-year rate averaged 4.61 percent.

15-Year Fixed

Average 15-year fixed rates fell from 3.57 to 3.53 percent in the past week and have dropped from 3.64 percent in the past three weeks. Last year, 15-year rates averaged 4.08 percent.

5/1 ARM

Rates for 5-year adjustable rate mortgages rose from 3.63 percent to 3.66 percent. At this time a year ago, 5-year ARMs averaged 3.82 percent.

“Modestly weaker consumer spending and manufacturing data, along with continued jitters around trade policy, caused interest rates to decline throughout the yield curve,” said Sam Khater, Freddie Mac’s chief economist. “While signals from the financial markets are flashing caution signs, the real economy remains on solid ground with steady job growth and five-decade low unemployment rates, which will drive up home sales this summer.”

Bankrate.com listed the current 30-year fixed mortgage rate at 3.98 percent; 15-year fixed at 3.40 percent; 30-year jumbo rates at 4.16 percent; and a 5-year ARM at 3.82 percent.

Wells Fargo’s rates for this past week were 4 percent on a 30-year fixed and 3.875 percent on a 30-year jumbo; 3.375 percent on a 15-year fixed and 3.5 percent on a 15-year jumbo; 3.625 percent on 5-year and 7-year ARMs.

Bank of America listed its current 30-year fixed rate and 20-year fixed rate at 3.875 percent, and its 15-year rate at 3.25 percent. Its 5-year ARM is 3.25 percent and 10-year ARM is 3.75 percent.

Week of May 9, 2019

Fixed mortgage rates have been on a steady decline since peaking in November 2018, when the 30-year fixed rate nearly reached 5 percent. Those rates fell again this week, according to the latest Freddie Mac Primary Mortgage Market Survey.

3/14 3/21 3/28 4/4 4/11 4/18 4/25 5/2 5/9 4.31% 3.76% 3.84% 4.28% 3.71% 3.84% 4.06% 3.57% 3.75% 4.08% 3.56% 3.66% 4.12% 3.60% 3.80% 4.17% 3.62% 3.78% 4.20% 3.64% 3.77% 4.14% 3.60% 3.68% 4.10% 3.57% 3.63%
30-Year Fixed

For the week ending May 9, the average 30-year fixed rate was 4.10 percent, down from 4.14 percent the week before. A year ago at this time, it was 4.55 percent.

15-Year Fixed

The average 15-year fixed mortgage rate dropped from 3.60 percent to 3.57 percent this week. Last year’s average rate was 4.01 percent.

5/1 ARM

The going rate on a 5-year adjustable rate mortgage was 3.63 percent this week. That was down from 3.68 percent the week before and 3.77 percent the year before.

“Investors wary of the current economic situation due to ongoing trade disputes resorted to the bond market, causing the 10-year treasury yield to decrease,” said Sam Khater, Freddie Mac’s chief economist.

“A combination of low mortgage rates, a strong job market and modest wage growth should spur homebuyer interest and also serve as an incentive for homeowners looking to refinance this spring.”

Week of May 2, 2019

According to the latest Freddie Mac Primary Mortgage Market Survey, mortgage rates declined this past week after several weeks on the rise.

3/7 3/14 3/21 3/28 4/4 4/11 4/18 4/25 5/2 4.41% 3.83% 3.87% 4.31% 3.76% 3.84% 4.28% 3.71% 3.84% 4.06% 3.57% 3.75% 4.08% 3.56% 3.66% 4.12% 3.60% 3.80% 4.17% 3.62% 3.78% 4.20% 3.64% 3.77% 4.14% 3.60% 3.68%
30-Year Fixed

The average rate for a 30-year fixed loan was 4.14 percent for the week ending May 2. The week before, 30-year rates averaged 4.20 percent. A year ago, the average was 4.55 percent.

15-Year Fixed

Rates for 15-year fixed mortgages fell from 3.64 percent to 3.60 percent. Last year, the average 15-year rate was 4.03 percent.

5/1 ARM

Five-year adjustable rate mortgage rates averaged 3.68 percent last week. That was down from 3.77 percent the week before and 3.69 percent a year ago.

“Slightly weaker inflation and labor economic data caused mortgage rates to dip this week. Moving into summer, we expect rates to be about a quarter to half a percentage point lower than where they were last year, which is good news for the housing market,” said Sam Khater, Freddie Mac’s chief economist.

“These lower rates combined with solid economic growth, low inflation and rebounding consumer confidence should provide a solid foundation for home sales to continue to improve over the next couple of months.”

At the end of the week, Bankrate.com listed the current 30-year fixed mortgage rate at 4.06 percent; 15-year fixed at 3.49 percent; 30-year jumbo rates at 4.22 percent; and a 5-year ARM at 3.95 percent.

Wells Fargo’s rates for the past week were 4.125 percent on a 30-year fixed and 4 percent on a 30-year jumbo; 3.5 percent on a 15-year fixed and 3.625 percent on a 15-year jumbo; 3.75 percent on a 5-year ARM and 3.875 percent on a 7-year ARM.

Bank of America listed its current 30-year fixed at 4 percent, 20-year at 4 percent, and 15-year at 3.25 percent. Its 5-year ARM is 3.375 percent and 10-year ARM is 3.875 percent.

Week of April 25, 2019

Fixed mortgage rates rose slightly for the fourth consecutive week, according to this week's Freddie Mac Primary Mortgage Market Survey.

2/28 3/7 3/14 3/21 3/28 4/4 4/11 4/18 4/25 4.35% 3.77% 3.84% 4.41% 3.83% 3.87% 4.31% 3.76% 3.84% 4.28% 3.71% 3.84% 4.06% 3.57% 3.75% 4.08% 3.56% 3.66% 4.12% 3.60% 3.80% 4.17% 3.62% 3.78% 4.20% 3.64% 3.77%
30-Year Fixed

The average 30-year fixed rate for the week ending April 25 was 4.20 percent. The week before it was 4.17 percent. A year ago it was 4.58 percent.

15-Year Fixed

The average rate for a 15-year fixed loan was 3.64 last week, up from 3.62 percent the week before. Last year, it was 4.02 percent.

5/1 ARM

Rates for 5-year adjustable rate mortgages declined from 3.78 percent to 3.77 percent. A year ago at this time, the average 5-year ARM rate was 3.74 percent.

“Despite the recent rise in mortgage rates, both existing and new home sales continue to show strength, indicating the lagged effect of lower rates on housing demand,” said Sam Khater, Freddie Mac’s chief economist. “This, along with improved affordability, should push housing activity higher in the coming months.”

At the end of the week, Bankrate.com listed the current 30-year fixed mortgage rate at 4.04 percent; 15-year fixed at 3.49 percent; 30-year jumbo rates at 4.23 percent; and a 5-year ARM at 3.94 percent.

Wells Fargo’s rates for the past week were 4 percent on a 30-year fixed and 3.875 on a 30-year jumbo; 3.5 percent on a 15-year fixed and on a 15-year jumbo; 3.625 percent on a 5-year ARM and 3.75 percent on a 7-year ARM.

Bank of America listed its current 30-year fixed at 4 percent, 20-year at 4 percent, and 15-year at 3.25 percent. Its 5-year ARM is 3.375 percent and 10-year ARM is 3.875 percent.

Week of April 18, 2019

Mortgage rates rose for the third consecutive week according to the latest Freddie Mac Primary Mortgage Market Survey.

2/21 2/28 3/7 3/14 3/21 3/28 4/4 4/11 4/18 4.35% 3.78% 3.84% 4.35% 3.77% 3.84% 4.41% 3.83% 3.87% 4.31% 3.76% 3.84% 4.28% 3.71% 3.84% 4.06% 3.57% 3.75% 4.08% 3.56% 3.66% 4.12% 3.60% 3.80% 4.17% 3.62% 3.78%
30-Year Fixed

For the week ending April 18, the average 30-year fixed mortgage rate was 4.17 percent. That marked a week-to-week increase from 4.12 percent. Last year’s 30-year average rate was 4.47 percent.

15-Year Fixed

Average 15-year rates rose by less of a margin. Last week’s average was 3.62 percent, up from 3.60 percent the week before. A year ago at this time, 15-year rates averaged 3.94 percent.

5/1 ARM

Rates for 5-year adjustable rate mortgages fell slightly in the last week from 3.80 percent to 3.78 percent. Last year, the average 5-year ARM rate was 3.67 percent.

“After dropping dramatically in late March, mortgage rates have modestly increased since then,” said Sam Khater, Freddie Mac’s chief economist. “While this week marks the third consecutive week of rises, purchase activity reached a nine-year high, indicative of a strong spring homebuying season.”

Week of April 11, 2019

According to the latest Freddie Mac Primary Mortgage Market Survey, mortgage rates rose modestly for the week ending April 11.

2/14 2/21 2/28 3/7 3/14 3/21 3/28 4/4 4/11 4.41% 3.84% 3.91% 4.35% 3.78% 3.84% 4.35% 3.77% 3.84% 4.41% 3.83% 3.87% 4.31% 3.76% 3.84% 4.28% 3.71% 3.84% 4.06% 3.57% 3.75% 4.08% 3.56% 3.66% 4.12% 3.80% 3.60%
30-Year Fixed

30-year fixed mortgage rates increased from 4.08 percent to 4.12 percent in the past week. Last year, the average 30-year rate was 4.42 percent.

15-Year Fixed

Rates for 15-year fixed mortgages were also higher. The increased from 3.56 percent to 3.60 percent. A year ago at this time, the 15-year rate averaged 3.87 percent.

5/1 ARM

Five-year adjustable-rate mortgage rates jumped from 3.66 percent to 3.80 percent. A year ago, the average five-year ARM rate was 3.61 percent.

“Rates moved up slightly this week while mortgage applications decreased following last week’s jump in rates – indicating borrower sensitivity to changing mortgage rates,” said Sam Khater, Freddie Mac’s chief economist.

“Despite the recent rise, we expect mortgage rates to remain low, in line with the low 10-year treasury yields, boosting homebuyer demand in the next few months.”

Week of April 4, 2019

Yesterday's Freddie Mac Primary Mortgage Market Survey showed that mortgage rates held steady this past week following a steep decline the week before.

2/14 2/21 2/28 3/7 3/14 3/21 3/28 4/4 4/11 4.41% 3.84% 3.91% 4.35% 3.78% 3.84% 4.35% 3.77% 3.84% 4.41% 3.83% 3.87% 4.31% 3.76% 3.84% 4.28% 3.71% 3.84% 4.06% 3.57% 3.75% 4.08% 3.56% 3.66% 4.12% 3.80% 3.60%
30-Year Fixed

The average 30-year fixed mortgage rate was 4.08 percent for the week ending April 4. That was up slightly from 4.06 percent the week before. Last year, 30-year rates averaged 4.40 percent.

15-Year Fixed

Last week’s average 15-year fixed rate was 3.56. That was a slight decrease from the 3.57 percent rate the week before. A year ago at this time, the average 15-year rate was 3.87 percent.

5/1 ARM

The average rate for 5-year adjustable-rate mortgages was 3.66 percent last week. It was 3.75 percent the week before and 3.62 percent the year before.

“Purchase mortgage application demand saw the second highest weekly increase over the last year and thanks to a spike in refinancing activity, overall mortgage demand rose to the highest level since the fall of 2016,” said Sam Khater, Freddie Mac’s chief economist.

“While the housing market has faced many head winds the last few months, it sailed through the turbulence to calmer seas with demand buttressed by a strong labor market and low mortgage rates. The benefits of the decline in mortgage rates that we’ve seen this year will continue to unfold over the next few months due to the lag from changes in mortgage rates to market sentiment and ultimately home sales.”

Week of March 28, 2019

Mortgage rates experienced their largest one-week decline in a decade last week, according to the latest Freddie Mac Primary Mortgage Market Survey.

1/31 2/7 2/14 2/21 2/28 3/7 3/14 3/21 3/28 4.46% 3.89% 3.96% 4.41% 3.84% 3.91% 4.41% 3.84% 3.91% 4.35% 3.78% 3.84% 4.35% 3.77% 3.84% 4.41% 3.83% 3.87% 4.31% 3.76% 3.84% 4.28% 3.71% 3.84% 4.06% 3.57% 3.75%
30-Year Fixed

For the week ending March 28, the average 30-year fixed rate was 4.06 percent. That was down from the previous week when it averaged 4.28 percent. In just the last four months, 30-year fixed rates have fallen almost a full percentage point, from 4.94 percent to the current rate. A year ago at this time, the average 30-year rate was 4.40 percent.

15-Year Fixed

There was also a significant decline in 15-year rates in the past week. The current survey showed an average rate of 3.57 percent, a drop from 3.71 percent the week before. Last year’s average 15-year rate was 3.90 percent.

5/1 ARM

The 5-year adjustable-rate mortgage averaged 3.75 percent, a decline from 3.84 the week before. A year ago, 5-year ARM rates averaged 3.66 percent.

“The Federal Reserve’s concern about the prospects for slowing economic growth caused investor jitters to drive down mortgage rates by the largest amount in over ten years,” said Sam Khater, Freddie Mac’s chief economist.

“Despite negative outlooks by some, the economy continues to churn out jobs, which is great for housing demand. We have recently seen home sales start to recover and with this week’s rate drop we expect a continued rise in purchase demand.”

Week of March 21, 2019

Freddie Mac’s Primary Mortgage Market Survey showed that, for the week ending March 21, mortgage rates remain on the decline.

1/24 1/31 2/7 2/14 2/21 2/28 3/7 3/14 3/21 4.45% 3.88% 3.90% 4.46% 3.89% 3.96% 4.41% 3.84% 3.91% 4.41% 3.84% 3.91% 4.35% 3.78% 3.84% 4.35% 3.77% 3.84% 4.41% 3.83% 3.87% 4.31% 3.76% 3.84% 4.28% 3.71% 3.84%
30-Year Fixed

Average 30-year fixed rates dropped from week to week, from 4.31 percent to 4.28 percent. Last year, 30-year rates averaged 4.45 percent.

15-Year Fixed

The average for a 15-year fixed mortgage fell from 3.76 percent to 3.71 percent. A year ago at this time, 15-year rates averaged 3.91 percent.

5/1 ARM

Five-year adjustable rate mortgage rates remained unchanged for the week at 3.84 percent. ARM rates are up from a year ago, when they were 3.68 percent.

“Mortgage rates have dipped quite dramatically since the start of the year and house prices continue to moderate, which should help on the homebuyer affordability front,” said Sam Khater, Freddie Mac’s chief economist.

Five-year adjustable rate mortgage rates remained unchanged for the week at 3.84 percent. ARM rates are up from a year ago, when they were 3.68 percent.

Week of March 14, 2019

According to the latest Freddie Mac Primary Mortgage Market Survey, mortgage rates fell yesterday to their lowest level in more than a year.

1/17 1/24 1/31 2/7 2/14 2/21 2/28 3/7 3/14 4.45% 3.88% 3.87% 4.45% 3.88% 3.90% 4.46% 3.89% 3.96% 4.41% 3.84% 3.91% 4.41% 3.84% 3.91% 4.35% 3.78% 3.84% 4.35% 3.77% 3.84% 4.41% 3.83% 3.87% 4.31% 3.76% 3.84%
30-Year Fixed

The average rate for a 30-year fixed mortgage was 4.31 percent for the week ending March 14. That was down from 4.41 percent the week before and 4.44 percent during the same period last year.

15-Year Fixed

Last week’s average 15-year fixed rate was 3.76 percent, lower than the 3.83 percent average the week before. A year ago at this time, 15-year fixed mortgage rates averaged 3.90 percent.

5/1 ARM

The average rate for 5-year adjustable rate mortgages was 3.84, a slight decline from 3.87 percent the week before. Last year, 5-year ARM rates averaged 3.67 percent.

“Mortgage rates declined decisively this week amid various market reports, a strong bond auction and further uncertainty around the Brexit deal, which all contributed to driving bond yields lower,” said Sam Khater, Freddie Mac’s chief economist.

“At 4.31 percent, the average 30-year fixed mortgage rate is at its lowest since February of last year. While these low rates will certainly get the attention of prospective homebuyers, the supply of homes for sale remains stubbornly low.”

Week of March 7, 2019

Mortgage rates rose for the first time in several weeks, according to the latest Freddie Mac Primary Mortgage Market Survey.

1/10 1/17 1/24 1/31 2/7 2/14 2/21 2/28 3/7 4.45% 3.89% 3.83% 4.45% 3.88% 3.87% 4.45% 3.88% 3.90% 4.46% 3.89% 3.96% 4.41% 3.84% 3.91% 4.41% 3.84% 3.91% 4.35% 3.78% 3.84% 4.35% 3.77% 3.84% 4.41% 3.84% 3.87%
30-Year Fixed

For the week ending March 7, the average 30-year fixed rate was 4.41 percent. That was up from 4.35 percent the week before. A year ago, 30-year rates averaged 4.46 percent.

15-Year Fixed

The 15-year fixed rate was 3.83 percent during the week of March 7. A week before, it was 3.77 percent. Last year, the average 15-year mortgage rate was 3.94 percent.

5/1 ARM

Average rates for 5-year adjustable-rate mortgages were 3.87 percent for the week, an increase from 3.84 percent the week before. A year ago, 5-year ARM rates averaged 3.63 percent.

“While mortgage rates very modestly rose to 4.41 percent this week, they remain below year-ago levels for the fourth week in a row,” said Sam Khater, Freddie Mac’s chief economist.

“In late 2018, mortgage rates rose over a full percentage point from the prior year, which was one of the main reasons that weakness in home sales continued into early 2019,” said Khater.

“However, the impact of recent lower rates and a strong labor market has led to a rise in purchase mortgage demand as we start the spring homebuying season.”

About the Author

Jack Wolstenholm
Jack Wolstenholm
Head of Content Marketing at LeverageRx
Jack is the Head of Content Marketing at LeverageRx, a digital lending and insurance platform for the medical market. He helps healthcare professionals make smart, swift financial decisions.
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