Freddie Mac’s results of its Primary Mortgage Market Survey® shows that “Despite the economic slowdown due to weakening manufacturing and corporate investment, the consumer side of the economy remains on solid ground. The fifty-year low in the unemployment rate combined with low mortgage rates has led to increased homebuyer demand this year. Much of this strength is coming from entry-level buyers – the first-time homebuyer share of the loans Freddie Mac purchased in 2019 is forty-six percent, a two-decade high.”
• 30-year fixed-rate mortgage (FRM) averaged 3.57 percent with an average 0.6 points for the week ending October 10, 2019, up from last month when it averaged 3.56 percent. A year ago, at this time, the 30-year FRM averaged 4.90 percent.
• 15-year FRM this week averaged 3.05 percent with an average 0.5 points, down from last month when it averaged 3.09 percent. A year ago, at this time, the 15-year FRM averaged 4.29 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.35 percent this week with an average 0.3 points, down from last month when it averaged 3.36 percent. A year ago, at this time, the 5-year ARM averaged 4.07 percent.