Skip to main content

Mortgage Rates Drop, Homebuyer Enthusiasm Rises

Phil Hall
Jun 21, 2018
The national median home price for April reached $243,000, according to the latest RE/MAX National Housing Report

Mortgage rates were down for the third time in four weeks, but the rate seesaw is not having much impact on homebuyers who are eager to pursue the American Dream.
According to new data from Freddie Mac, the 30-year fixed-rate mortgage (FRM) averaged 4.57 percent for the week ending June 21, down from last week when it averaged 4.62 percent. The 15-year FRM this week averaged 4.04 percent, down from last week when it averaged 4.07 percent. And the five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.83 percent this week, unchanged from the previous week.
“After a sharp run-up in the early part of 2018, rates have stabilized over the last three months, with only a modest uptick since March,” said Sam Khater, Freddie Mac’s Chief Economist. “However, existing-home sales have hit a wall, declining in six of the last nine months on a year-over-year basis. “This indicates that persistently low supply levels, and not this year’s climb in mortgage rates, are handcuffing sales, especially at the lower end of the market. Home shoppers can't buy inventory that doesn’t exist.”
According to new data from Freddie Mac, the 30-year fixed-rate mortgage (FRM) averaged 4.57 percent for the week ending June 21
But that’s not stopping potential homebuyers from having faith in the market. New second quarter data from the National Association of Realtors (NAR) has found 75 percent of Americans believe that now is a good time to sell a house, while 68 percent think it is a good time to buy. Even better, 46 percent of respondents to NAR’s survey said do not believe it would be difficult to obtain a mortgage, up from 36 percent last quarter.
"This is most likely a reflection of the current positive outlook on the direction of the economy," said NAR Chief Economist Lawrence Yun. "Healthy job creation and faster wage growth mean that homeownership is viewed as a more attainable goal than it was a year ago."
However, there is a dark cloud on this horizon: 73 percent of those polled by NAR believed it will be harder for future generations to purchase a home, compared to only 11 percent who thought it will be easier.
Jun 21, 2018
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021
Interfirst Mortgage Launches ONE, Backed By Non-Owner Occupied Properties

ONE is a unique product built on a single interest rate with no adjustments and qualifies off the cash flow of the rental property.

Industry News
Jul 16, 2021
Global Digital Lending Market Projected To Reach $27B By 2028

The Global Digital Lending Platform Market was valued at $7.14 billion in 2020 and is projected to reach $27.07 billion by 2028.

Analysis and Data
Jul 14, 2021
FOMC Discusses Raising Interest Rates

Inflationary pressures have finally forced the Federal Open Market Committee (FOMC) to discuss raising interest rates and tapering its bond-buying program.

Analysis and Data
Jul 14, 2021
Fathom Holdings Inc. Creates New Hispanic Division

Fathom Holdings Inc., a technology-driven real estate platform, announced the creation of their Hispanic Division to more adequately serve this fast-growing demographic. 

Industry News
Jul 07, 2021