Economic and Housing Research
Fixed-rates moved up for the third consecutive week, with the average 30-year fixed-rate mortgage about a quarter-percentage point higher than three weeks ago. While this may slow some of the refinance momentum, rates are nonetheless low and home-buyer affordability high, which should further aid home sales and construction in coming weeks. For instance, in April, single family housing permits rose to the strongest pace since May 2008 while existing home sales for the same month grew the most since November 2009. Moreover, the National Association of Realtors® reported that the median number of days on the market for these sales fell from 62 to 46 days, the fewest since it began collecting the data in May 2011. >> Next Commentary: May 30
Primary Mortgage Market Survey (PMMS)
Freddie Mac surveys lenders each week on the rates, fees and points for the most popular mortgage products. Results are released Thursday at 10am EDT.
Primary Mortgage Market Survey (U.S. Weekly Averages)
|Regional Breakdown||30-Yr FRM||15-Yr FRM||5/1-Yr ARM||1-Yr ARM|
|Average Rates||3.59 %||2.77 %||2.63 %||2.55 %|
|Fees & Points||0.7||0.7||0.5||0.4|
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