Mortgage Rate Forecast 2018
Freddie Mac’s most recent Primary Mortgage Market Survey shows that mortgage rates drop during the past week and now have backed off in three of the past four weeks. Mortgage rates remained mostly tranquil heading into the first week of summer, declining five basis points to 4.57 percent.
Mortgage Rate Predictions
“After a sharp run-up in the early part of 2018, rates have stabilized over the last three months, with only a modest uptick since March,” says Sam Khater, Freddie Mac’s chief economist. “However, existing-home sales have hit a wall, declining in six of the last nine months on a year-over-year basis. This indicates that persistently low supply levels, and not this year’s climb in mortgage rates, are handcuffing sales—especially at the lower end of the market. Home shoppers can’t buy inventory that doesn’t exist.”
Here, a snapshot of Freddie Mac’s survey for the national mortgage rates for the week ending June 21:
The 30-year fixed-rate mortgage averaged 4.57 percent, with an average 0.5 point, down from the previous week when it averaged 4.62 percent. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.90 percent.
- The 15-year fixed-rate mortgage averaged 4.04 percent, with an average 0.4 point, down from the previous week when it averaged 4.07 percent. A year ago at this time, the 15-year fixed-rate mortgage averaged 3. 71 percent.
- The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.83 percent, with an average 0.3 point, unchanged from the previous week. A year ago, the five-year adjustable-rate mortgage averaged 3.14 percent.
