Yesterday, Freddie Mac’s PMMS shared that last weeks average conforming rates continue to be under 4.000%. Last week, according to Freddie Mac’s survey, the average rate for a 30 year fixed conforming (FRM) mortgage was 3.93% priced with 0.6 points.
From Freddie Mac:
“There was little movement in financial markets this week as the 30-year fixed mortgage rate remained steady, dropping only 1 basis point to 3.93 percent. Overall inflation [PDF] grew an underwhelming 0.2 percent year-over-year in July, but core inflation remains steady at 1.8 percent keeping chances alive for a potential rate hike in September. Housing markets have responded positively to low mortgage rates — the 30-year fixed mortgage rate has been below four percent for five consecutive weeks. The latest NAHB/Wells Fargo Housing Market Index for August 2015 was 61, the highest level in more than nine years. One-unit housing starts [PDF] in July 2015 jumped to 782,000 units, up 12.8 percent from June and up 19 percent from last year. Overall housing markets remain on track for the best year since 2007.”
Remember, last week’s rates are like last week’s stock prices. Mortgage rates change constantly as they are based on bonds.
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