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Mortgage Rate Drop in Early 2019 Causes a Jump of Applications in U.S.

According to Freddie Mac’s latest Primary Mortgage Market Survey, U.S. mortgage rates dropped significantly across the board in early January 2019.

Sam Khater, Freddie Mac’s chief economist, says, “Mortgage rates fell to the lowest level in nine months, and in response, mortgage applications jumped more than 20 percent. Lower mortgage rates combined with continued income growth and lower energy prices are all positive indicators for consumers that should lead to a firming of home sales.”

Freddie Mac News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.45 percent with an average 0.5 point for the week ending January 10, 2019, down from last week when it averaged 4.51 percent. A year ago at this time, the 30-year FRM averaged 3.99 percent.
  • 15-year FRM this week averaged 3.89 percent with an average 0.4 point, down from last week when it averaged 3.99 percent. A year ago at this time, the 15-year FRM averaged 3.44 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.83 percent with an average 0.3 point, down from last week when it averaged 3.98 percent. A year ago at this time, the 5-year ARM averaged 3.46 percent.

Source From: http://www.worldpropertyjournal.com

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