A volatile week in equity markets didn’t have much of an impact on mortgage rates, according to the Freddie Mac weekly survey…(Freddie Mac)
- 30-YR FIXED average rate saw a 1 basis point drop for the week to 3.55%, which is still up 82 basis points from the same time one year ago.
- 15-YR FIXED average rate saw a 1 basis point increase for the week to 2.80%, which is up 60 basis points from the same time one year ago.
Sam Khater, chief economist at Freddie Mac, noted that rising rates have yet to impact the demand side of the housing market…
- “Recent rate increases have yet to significantly impact purchase demand, as history demonstrates that potential homebuyers who are on the fence will often enter the market at the start of rate increase cycles.”
REMINDER: The Mortgage Bankers Association reported the average contract interest rate, on a 30-YR fixed, increased 8 basis points to 3.70%, 75 basis points higher than a year ago.