Mortgage rates retreat after highest one-week increase in nearly a year

The average U.S. fixed rate for a 30-year mortgage fell to 3.64%. That’s nine basis points below last week’s 3.73% and more than a percentage point lower than the 4.72% from a year earlier.

“With both the unemployment rate and mortgage rate below 4% 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.”

The 15-year FRM averaged 3.16% this week, falling from last week’s 3.21%. This time last year, the 15-year FRM came in at 4.16%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.38%, compared with last week’s rate of 3.21%.

This percentage is a significant decrease from the 2018 rate of 3.97%.

Source- Housingwire/Marketwatch