Mortgage Rates Hit Another 3-year Low

Mortgage Market Update (1)

According to Freddie Mac’s Primary Mortgage Market Survey, the average rate for a 30-year fixed mortgage fell to a 3-year low. The 30-year fixed-rate mortgage averaged 3.55% for the week ending August 22, 2019, down from last week’s 3.6%, which is close to 2018’s lowest percentage point. The drop-in mortgage rates benefit not only the housing market but also the economy as a whole. Home purchase demand is up 5% since 2018, and the refinance market has hit a significant surge. Homeowners that have refinanced are seeing close to a $140 of savings per month. The benefits of lower mortgage rates are also helping homeowners gain more equity.

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