Rates moved sideways amid a mixed bag of economic data
Mortgage rates moved sideways during the week ending July 19 as economic data was a mixed bag, according to the Primary Mortgage Market Survey released by Freddie Mac.
Rates inched backward slightly, with the 30-year fixed-rate mortgage average rate down to 4.52%, with an average 0.4 point, from the previous 4.53% average. The latest average is an increase from the 3.96% average in the same period in 2017.
The 15-year fixed-rate mortgage averaged 4%, with an average 0.4 point, down from 4.02%. A year ago at this time, the mortgage averaged 3.23%.
The average rate for the 5-year Treasury-indexed hybrid adjustable-rate mortgage was 3.87%, with an average 0.3 point, up from the 3.86% average in the prior survey. The 5-year ARM averaged 3.21% in the year-ago period.
“Manufacturing output and consumer spending showed improvements, but construction activity was a disappointment,” Freddie Mac Chief Economist Sam Khater said. “This meant there was no driving force to move mortgage rates in any meaningful way, which has been the theme in the last two months. That’s good news for price sensitive home shoppers, given that this stability in borrowing costs allows them a little extra time to find the right home.”
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