Mortgage rates fell back from last week’s gain, hitting their lowest level in more than a month, according to the Freddie Mac Primary Mortgage Market Survey.
The survey showed that the 30-year fixed-rate mortgage (FRM) averaged 3.66%, down from 3.75% a week ago, and 4.81% last year.
The 15-year FRM dipped from 3.20% to 3.15% this week. A year ago at this time, the 15-year FRM was 4.24%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) also went down five basis points from 3.44% to 3.39%. In 2018, the 5-year ARM averaged 4.09%
“The housing market continues to steadily gain momentum with rising homebuyer demand and increased construction due to the strong job market, ebullient market sentiment, and low mortgage rates,” Freddie Mac Chief Economist Sam Khater said. “Residential real estate accounts for one-sixth of the economy, and the improving real estate market will support economic growth heading into next year.”