Freddie Mac released the results of its Primary Mortgage Market Survey showing that the 30-year fixed-rate mortgage was unchanged from last week. (Freddie Mac)
- 30-YR FIXED: Averaged 2.73% with an average 0.7 point. A year ago at this time, the 30-year averaged 3.45%.
- 15-YR FIXED: Averaged 2.21% with an average 0.6 point. A year ago at this time, the 15-year averaged 2.97%.
Sam Khater, Freddie Mac’s Chief Economist, said in a statement, “This rate environment is advantageous for those who are looking to refinance in order to strengthen their financial position.” Proof that millennials are finally in the housing market, ICE’s millennial tracker finds that young people are also taking advantage of lower rates.
According to ICE Mortgage Technology, millennials of all ages are benefiting from historically low rates (ICE)
- OLDER MILLENNIALS: 53%of those between 30 and 40 years old refinanced while 46% purchased a home in December.
- YOUNGER MILLENNIALS: 74% of those between 21 and 29 years old purchased while 26% refinanced a home in December.
Joe Tyrrell, president, ICE Mortgage Technology, said in a statement, “Millennials, even those that had just purchased a home in the past few years, found themselves in a great position to take advantage of the historically low rates and contributed to the ongoing high refinance volume,”