We’ll add more market news briefs throughout the day. Check back to read the latest.Most recent market news
Thursday, May 18
30-year fixed-rate mortgage (FRM) averaged 4.02 percent with an average 0.5 point for the week ending May 18, 2017, down from last week when it averaged 4.05 percent. A year ago at this time, the 30-year FRM averaged 3.58 percent. 15-year FRM this week averaged 3.27 percent with an average 0.5 point, down from last week when it averaged 3.29 percent. A year ago at this time, the 15-year FRM averaged 2.81 percent. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.13 percent this week with an average 0.5 point, down from last week when it averaged 3.14 percent. A year ago at this time, the 5-year ARM averaged 2.80 percent.
“The 30-year mortgage rate fell 3 basis points this week to 4.02 percent,” said Sean Becketti, chief economist at Freddie Mac, in a statement. “However, this week’s survey closed prior to Wednesday’s flight to quality. The delayed impact of the associated decline in Treasury yields may push mortgage rates lower in next week’s survey.”Mortgage rates: 30-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio News from earlier this week
Tuesday May 16
The 30-year fixed mortgage rate on Zillow Mortgages is currently 3.80 percent, down four basis points from this time last week. The 30-year fixed mortgage rate inched higher last week before falling near current levels on Friday.
“Mortgage rates climbed to their highest levels since late March before dropping on the heels of weak inflation and retail sales data, which could push the Fed to delay expected rate hikes in the months ahead,” said Erin Lantz, vice president of mortgages at Zillow, in a statement. “Financial markets should be mostly quiet this week, with no major economic data scheduled for release.”
Monday, May 15
“This report shows that builders’ optimism in the housing market is solidifying, even as they deal with higher building material costs and shortages of lots and labor,” said NAHB Chairman Granger MacDonald, a home builder and developer from Kerrville, Texas, in a news release.
“The HMI measure of future sales conditions reached its highest level since June 2005, a sign of growing consumer confidence in the new home market,” added NAHB Chief Economist Robert Dietz in the release. “Especially as existing home inventory remains tight, we can expect increased demand for new construction moving forward.”
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