Mortgage rates have stabilized after consistent declines in late spring, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS).
This 30-year fixed-rate mortgage hovered around 3.8% for the third consecutive week. The 30-year FRM averaged 3.84% with an average 0.5 point, up from the previous week’s 3.82% and last year’s 4.57%.
Meanwhile, the 15-year FRM inched down to 3.25% from last week, when it averaged 3.26%. A year ago, the 15-year FRM was 4.04%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) also dropped, averaging 3.48% with an average 0.4 point. The five-year ARM was 3.51% last week and 3.83% last year at this time.
“While the continued drop in mortgage rates has paused, homebuyer demand has not,” Freddie Mac Chief Economist Sam Khater said. “This is evident in increased purchase activity and loan amounts, indicating that homebuyers still have the willingness and capacity to purchase homes. Today’s low rates, strong job market, solid wage growth and consumer confidence are typically important drivers of home sales.”  Click here to read more…