Despite the rise in mortgage rates, economic data improved this week—particularly housing activity, which gained momentum with a noticeable rise in purchase demand and new construction, according to Freddie Mac's latest Primary Mortgage Market Survey® (PMMS®).
 
“Homebuyers flocked to lenders with purchase applications, which were up 15 percent from a year ago and residential construction permits increased 12 percent from a year ago to 1.4 million, the highest level in twelve years, said Sam Khater, Freddie Mac’s Chief Economist. “While there was initially a slow response to the overall lower mortgage rate environment this year, it is clear that the housing market is finally improving due to the strong labor market and low mortgage rates.”
 
30-Year Fixed

• Averaging 3.73 percent, with an average 0.5 point
• Up from 3.56 percent the prior week and down from 4.65 percent the prior year 

15-Year Fixed

• Averaging 3.21 percent, with an average 0.5 point
• Up from 3.09 percent the prior week and down from 4.11 percent the prior year 

5-Year Adjustable

• Averaging 3.49 percent, with an average 0.4 point
• Up from 3.36 percent the prior week and down from 3.92 percent the prior year 

Source: Freddie Mac

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