Freddie Mac reported slight upward motion in the Primary Mortgage Market Survey (PMMS) covering the week ending Jan. 31.
The 30-year fixed-rate mortgage (FRM) averaged 4.46 percent, up from last week when it averaged 4.45 percent. The 15-year FRM this week averaged 3.89 percent, up from last week when it averaged 3.88 percent. And the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.96 percent, up from last week when it averaged 3.90 percent.
“Purchase applications were down this week after soaring early in the year,” said Sam Khater, Freddie Mac’s Chief Economist. “However, softening house price appreciation along with increasing inventory of homes on the market–and historically low mortgage rates–should give a boost to the spring homebuying season.”
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