Mortgage buyer Freddie Mac said Thursday the rate on 30-year, fixed-rate mortgages ticked up to an average 4.86 percent this week from 4.85 percent last week. A year ago, it stood at 3.94 percent.
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WASHINGTON (AP) – Long-term U.S. mortgage rates are up for the fifth straight week, with the key 30-year rate reaching its highest level in more than seven years. Costs for would-be homebuyers.
Freddie Mac says. The economy continues to sputter along and the housing market continues to be a bright spot although with "less room to run than in the prior few years." Refinance-spurred.
According to the latest freddie mac report: "These historically low rates should provide continued opportunities for current homeowners to refinance their mortgages." Home Loan Applications Surge in June 2019. The housing market is already getting a boost from low mortgage rates.
"We still expect stronger home sales and housing starts in the coming months due to favorable market conditions and accelerating wage growth." In fact, Freddie predicts the 30-year fixed-rate mortgage will average 4.3% for the remainder of the year, which could lead to an increase in both single-family mortgage originations and refinances.
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Sam Khater, Freddie Mac’s chief economist, says the 30-year fixed-rate mortgage drifted up for the second consecutive week to 4.60 percent. "The higher rate environment, coupled with the ongoing lack of affordable inventory, has led to a drag on existing-home sales in the last few months," he said.
Farmer Mac’s earnings increase as its portfolio grows Steady earnings growth has been a hallmark of Globus’ fundamentals as well. In 2009, the company earned 54 cents a share. In 2017, that number hit .31, up 143% over that eight-year time frame.
Sam Khater, Freddie Mac’s chief economist, says mortgage rates have mostly drifted sideways this summer. "This stability is much needed for home sales, which have crested because of the multi-year run up in prices, tight affordable inventory and this year’s higher rates," he said.
Mortgage rate increases seen since the start of 2018 coupled with last week’s additional move higher according to Freddie Mac mean that today’s rates, at 4.66 percent, are 71 basis points.
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