Overall mortgage demand drove the 30-year fixed-rate mortgage (FRM) to edge up slightly.
Freddie Mac’s Primary Mortgage Market Survey showed that the 30-year FRM inched up from last week’s 3.64% to 3.65% with an average 0.6 point. A year ago, the 30-year FRM averaged 4.71%.
“While mortgage rates generally held steady this week, overall mortgage demand remained very strong, rising over 50% from a year ago thanks to increases in both refinance and purchase mortgage applications,” said Freddie Mac Chief Economist Sam Khater.
The 15-year FRM fell to 3.14% with an average 0.5 point, down from 3.16% a week ago and 4.15% last year.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) remained unchanged from 3.38% the prior week. In 2018, the 5-year ARM averaged 4.01%.
"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,” Khater said.