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Fixed-rate mortgages are dropping in the wake of the U.K.’s Brexit vote, with 30-year FRMs hitting a three-year low this week. Thirty-year rates are, in fact, only 17 basis points higher than the all-time low of 3 point 31 percent, hit in November of 2012. Freddie Mac’s latest weekly Primary Mortgage Market Survey set average 30-year fixed-rate mortgage at 3 point 48 percent for the week ending June 30.
Last week, that average was 3 point 56 percent, and a year ago it was 4 point 08 percent. Freddie Mac chief economist Sean Becketti said, quote, This week's survey rate is the lowest since May 2013 and only 17 basis points above the all-time low. This extremely low mortgage rate should support solid home sales and refinancing volume this summer. Close quote
The September Women in Housing issue of MReport magazine will pay tribute to the women who are having the greatest influence on the mortgage industry and feature the stories of women who overcame the odds to emerge as industry leaders. MReport’s annual Women in Housing issue coincides with the Five Star Institute’s Fourth Annual Women in Housing Leadership Forum, which will be the concluding event of the Five Star Conference and Expo in Dallas, Texas, on September 13.
