Freddie Mac’s results of its Primary Mortgage Market Survey® shows that “Mortgage rates inched up by one basis point this week with the 30-year fixed-rate mortgage averaging 3.65 percent. By all accounts, mortgage rates remain low and, along with a strong job market, are fueling the consumer-driven economy by boosting purchasing power, which will certainly support housing market activity in the coming months. While the outlook for the housing market is positive, worsening homeowner and rental affordability due to the lack of housing supply continue to be hurdles, and they are spreading to many interior markets that have traditionally been affordable.”
• 30-year fixed-rate mortgage (FRM) averaged 3.65 percent with an average 0.7 points for the week ending January 16, 2020, up from last week when it averaged 3.64 percent. A year ago, at this time, the 30-year FRM averaged 4.45 percent.
• 15-year FRM this week averaged 3.09 percent with an average 0.7 points, up from last week when it averaged 3.07 percent. A year ago, at this time, the 15-year FRM averaged 3.88 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.39 percent this week with an average 0.3 points, up from last week when it averaged 3.30 percent. A year ago, at this time, the 5-year ARM averaged 3.87 percent.