The WPJ
Residential Real Estate News
Mortgage Rates in U.S. Remain Low in Mid-February
According to Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage in the U.S. averaged 3.49 percent in mid-February 2020.
"The low mortgage rate environment continues to spur homebuying activity, with applications to purchase a home up fifteen percent from a year ago," said Sam Khater, Freddie Mac's Chief Economist. "We've seen new residential construction surge over the last few months, on pace to reach the highest level in more than a decade. This is a good sign for the inventory-starved housing market and is a promising indication for the spring homebuying season."
Freddie Mac News Facts
"The low mortgage rate environment continues to spur homebuying activity, with applications to purchase a home up fifteen percent from a year ago," said Sam Khater, Freddie Mac's Chief Economist. "We've seen new residential construction surge over the last few months, on pace to reach the highest level in more than a decade. This is a good sign for the inventory-starved housing market and is a promising indication for the spring homebuying season."
Freddie Mac News Facts
- 30-year fixed-rate mortgage averaged 3.49 percent with an average 0.7 point for the week ending February 20, 2020, slightly up from last week when it averaged 3.47 percent. A year ago at this time, the 30-year FRM averaged 4.35 percent.
- 15-year fixed-rate mortgage averaged 2.99 percent with an average 0.8 point, slightly up from last week when it averaged 2.97. A year ago at this time, the 15-year FRM averaged 3.78 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.25 percent with an average 0.2 point, down from last week when it averaged 3.28 percent. A year ago at this time, the 5-year ARM averaged 3.84 percent.
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