Freddie Mac's results of its Primary Mortgage Market Survey® shows that "The drop in mortgage rates continues to stimulate the real estate market and the economy. Home purchase demand is up five percent from a year ago and has noticeably strengthened since the early summer months, while refinances surged to their highest share in three and a half years. Households that refinanced in the second quarter of 2019 will save an average of $1,700 a year, which is equivalent to about $140 each month. The benefit of lower mortgage rates is not only shoring up home sales, but also providing support to homeowner balance sheets via higher monthly cash flow and steadily rising home equity."
• 30-year fixed-rate mortgage (FRM) averaged 3.55 percent with an average 0.5 points for the week ending August 22, 2019, down from last month when it averaged 3.75 percent. A year ago, at this time, the 30-year FRM averaged 3.98 percent.
• 15-year FRM this week averaged 3.03 percent with an average 0.5 points, down from last month when it also averaged 3.18 percent. A year ago, at this time, the 15-year FRM averaged 4.02 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.32 percent this week with an average 0.3 points, down from last month when it averaged 3.47 percent. A year ago, at this time, the 5-year ARM averaged 3.82 percent.