Mortgage rates this week

We did get the Freddie Mac Primary Mortgage Market Survey (PMMS) yesterday, which showed that rates inched higher. Here are the numbers:

• The average rate on a 30-year fixed rate mortgage moved up one basis point to 4.53% (0.4 points)
• The average rate on a 15-year fixed rate mortgage moved up three basis points to 4.02% (0.4 points)
• The average rate on a 5-year adjustable rate mortgage increased twelve basis points to 3.86% (0.3 points)

Here is what the Economic and Housing Research Group at Freddie Mac had to say about rates this week:

“Mortgage rates were mostly unchanged, but did tick up for the first time since early June.

The 10-year Treasury yield continues to hover along the same narrow range, as increased global trade tensions are causing investors to take a cautious approach. This in turn has kept borrowing costs at bay, which is certainly welcoming news for those looking to buy a home before the summer ends.

A record number of people quit their job last month, most likely for a new opportunity with higher wages and better benefits. This positive trend, along with these lower mortgage rates, should increasingly give some previously priced-out prospective homebuyers the financial wherewithal to resume their home search.”