Mortgage Rates Continue to Fall

Feb 21, 2019

The Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 3, 2020 has found that mortgage applications decreased 17.9 percent from one week earlier

Mortgage rates plummeted for the third consecutive week, according to new data from Freddie Mac.

The 30-year fixed-rate mortgage (FRM) averaged 4.35 percent for the week ending Feb. 21, down from last week when it averaged 4.37 percent. The 15-year FRM this week averaged 3.78 percent, down from last week when it averaged 3.81 percent. And the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.84 percent, down from last week when it averaged 3.88 percent.

Nonetheless, Freddie Mac Chief Economist Sam Khater was optimistic, nothing that “wages are growing on par with home prices for the first time in years, and with more inventory available, spring home sales should help the market begin to recover from the malaise of the last few months.”

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Phil Hall

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Feb 21, 2019

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