Housing Market Reacts

Mortgage News Update

The housing market is already reacting to the effects of mortgage rate declines.  After declining for six consecutive months, existing home sales finally rose in October and November and are essentially at the same level as during the summer months.  The 30-year fixed-rate mortgage averaged 4.62 percent with an average 0.40 point fee for the week ending December 20, 2018, down from last week when it averaged 4.63 percent.  A year ago at this time, the 30-year fixed-rate mortgage averaged 3.94 percent.

Mortgage Rates Have Fallen

Mortgage News 12-13-18

Mortgage rates have either fallen or remained flat for five consecutive weeks and those seeking mortgages are responding with an uptick in demand given these lower rates.  The 30-year fixed-rate mortgage averaged 4.63 percent with an average 0.50 point fee for the week ending December 13, 2018, down from last week when it averaged 4.94 percent. The combination of a low unemployment rate and the recent downdraft in rates should support home sales heading into the early winter months.  A year ago at this time, the 30-year fixed-rate mortgage averaged 3.93 percent.

Mortgage News

The 30-year fixed-rate mortgage (FRM) averaged 4.94 percent with an average 0.50 point fee for the week ending November 15, 2018, same as last week when it averaged 4.94 percent. A year ago at this time, the 30-year FRM averaged 3.95 percent.