Mortgage Rates Up Again

Sep 20, 2018

Home sales will inch up in 2019 while prices rise at a slower pace, according to a new forecast from the National Association of Realtors (NAR)

Mortgage rates increased for the fourth consecutive week, according to new data from Freddie Mac.

The 30-year fixed-rate mortgage (FRM) averaged 4.65 percent for the week ending Sept. 20, up from last week when it averaged 4.60 percent. The 15-year FRM this week averaged 4.11 percent, up from last week when it averaged 4.06 percent. And the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.92 percent, up from last week when it averaged 3.93 percent.

“Mortgage rates are drifting upward again and represent continued affordability challenges for prospective buyers, especially first-time buyers,” said Sam Khater, Freddie Mac’s Chief Economist. “Borrowing costs are moving right now for three main reasons: the very strong economy, higher U.S. government debt issuances and global trade tensions. Amidst this four-week climb in mortgage rates, the welcoming news is that purchase applications have risen on an annual basis for five consecutive weeks. However, given the widespread damage caused by Hurricane Florence in the Carolinas, the next few months of housing activity will likely be somewhat volatile.”

Mortgage rates increased for the fourth consecutive week, according to new data from Freddie Mac

About the author

Phil Hall

Link copied

Published

Sep 20, 2018

Analysis and Data

Home Loan Applications See 2.7% Drop

The MBA's weekly mortgage applications survey shows decline in last week's application volume

Low inventory and high mortgage rates have taken their toll on prospective homebuyers, if the latest drop in new mortgage applications is any indication. The Mortgage Bankers Association’s (MBA) weekly mortgage applications survey showed a 2.7% decrease in mortgage applic...

People On The Move

Michael Brenning, Brian Collins Join American Financial Resources

Brenning joins as Head of Production and Collins, as Executive Vice President of Capital Markets.

American Financial Resources (AFR) announced the hiring and appointment of Michael Brenning as the Head of Production, effective April 19, and Brian Collins as the Executive Vice President of Capital Markets, who officially joined the company on April 16. Per a release fr...