Freddie Mac recently released the results of its Primary Mortgage Market Survey, showing that the 30-year fixed-rate mortgage (FRM) rate averaged 3.55%, the lowest it has been since November 2016.
Sam Khater, Freddie Mac’s chief economist, said, “The drop in mortgage rates continues to stimulate the real estate market and the economy. Home purchase demand is up five% 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,” he continued.
30-year fixed-rate mortgage averaged 3.55% with an average 0.5 point for the week ending Aug 22, 2019, down from last week when it averaged 3.60%. A year ago at this time, the 30-year FRM averaged 4.51%.
15-year FRM averaged 3.03% with an average 0.5 point, down from last week when it averaged 3.07%. A year ago at this time, the 15-year FRM averaged 3.98%.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.32% with an average 0.3 point, down from last week when it averaged 3.35%. A year ago at this time, the 5-year ARM averaged 3.82%.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
After two decades in the home building industry, Steve Sagerson decided to create Legacy Classic Homes so he could pursue his own vision of what a true custom home building company could be. “I really wanted to focus on the creative and customer service aspects of the custom home building process. I’ve always loved helping buyers visualize their dream. By creating a low volume custom home building company I can focus on making the process of building a home exciting and fulfilling for my clients and give them the attention they deserve. My clients deal directly with the owner of the company which I believe helps create a trust that is rarely possible when working with a sales person.”
Steve also believes that being a true custom home builder doesn’t have to mean he only builds expensive homes. Legacy Classic Homes can build custom homes starting from the low $300’s up to $1,000,000, and every client receives the same service regardless of price point.
Portfolio floor plans are available across a wide range of designs, styles and sizes, and custom plan design is available through our referred floor plan design firms.
Please feel free to contact us today with any questions at 817-903-1627