Freddie Mac released its latest Primary Mortgage Market Survey on Thursday, April 4. The report showed little movement for mortgage rates during the week.
The 30-year fixed rate mortgage averaged 4.08% this week, up from 4.06% last week. At this time last year, the 30-year fixed rate mortgage averaged 4.40%.
The 15-year fixed rate mortgage averaged 3.56%, down slightly from last week’s average of 3.57%. Last year at this time, the 15-year fixed rate mortgage averaged 3.87%.
“Purchase mortgage application demand saw the second highest weekly increase over the last year and thanks to a spike in refinancing activity, overall mortgage demand rose to the highest level since the fall of 2016,” said Sam Khater, Chief Economist at Freddie Mac. “While the housing market has faced many head winds the last few months, it sailed through the turbulence to calmer seas with demand buttressed by a strong labor market and low mortgage rates. The benefits of the decline in mortgage rates that we’ve seen this year will continue to unfold over the next few months due to the lag from changes in mortgage rates to market sentiment and ultimately home sales.”
Based on published national averages, the money market account closed at 1.23% on 4/5. The one-year CD finished at 2.70%.
Published April 12, 2019