Freddie Mac put the 30-year mortgage average at 6.95 per cent for the week of 17 September, up from 6.76 per cent. NAR said August pending home sales rose 0.3 per cent month over month but remained 4.7 per cent below a year earlier as Lawrence Yun noted higher mortgage rates.
Freddie Mac's Primary Mortgage Market Survey for 17 September put the 30-year fixed-rate mortgage at 6.95 per cent, up from 6.76 per cent the prior week and 6.26 per cent a year earlier. The 15-year average was 6.26 per cent, up from 6.09 per cent the prior week and 5.41 per cent a year earlier. The release said the 30-year rate continues to fluctuate as markets assess economic data.[1]
The National Association of REALTORS said August pending home sales rose 0.3 per cent month over month and fell 4.7 per cent year over year in a 17 September Washington release. Month over month, the South rose 2.3 per cent and the West 3.0 per cent while the Northeast fell 4.2 per cent and the Midwest 1.6 per cent. All four regions were down year over year, with the West off 6.7 per cent.[2]
NAR Chief Economist Lawrence Yun said buyers entered contracts in August even though mortgage rates increased, and that contract signings remained below last year. The Freddie Mac averages document that higher weekly borrowing cost into mid-September. The two releases measure different stages—weekly loan pricing versus contract signings—but both sit on the US housing demand line for late summer.[2], [1]
