McLean-based Freddie Mac’s board of directors has named its current president David Brickman as its new chief executive officer, succeeding CEO Donald Layton, who will retire in July.
Freddie Mac says a 30-year fixed-rate mortgage averaged 4.35 percent in the week ending Feb. 21, down for the third straight week. The record low for 30-year mortgages was in December 2012, at 3.31 percent.
Mortgage rates have been steadily falling or holding ground since last November, and the average rate on a 30-year fixed-rate mortgage is now the lowest in a year.
Mortgage rates have been holding steady or moving lower for eight straight weeks now, and 30-year rates hit a nine-month low this week.
In D.C., and all surrounding counties for 2019, the conforming loan amounts will be capped at $726,525. That is up from the 2018 conforming loan limit in the D.C. area of $679,650.
This year’s run-up in mortgage rates may be done for now, with rates falling this week for the fifth time in the last six weeks. And there may even be room for rates to drop even lower.
“Healthy consumer spending and higher commodity prices spooked bond markets and led to higher mortgage rates over the past week,” said Sam Khater, Freddie Mac’s chief economist.
Forecasts for rising mortgage rates remain largely off-mark, with rates falling to the lowest levels of the year this week.
Mortgage rates continued to move lower this week, with the average rate on a 30-year fixed-rate mortgage falling below the 4 percent mark for the first time since November.
Although they have been low in recent years, rates are climbing again, and the pace at which they have climbed since the election is startling.
President-elect Donald Trump’s pick for treasury secretary, Steven Mnuchin said Fannie Mae and Freddie Mac should be set free from government oversight.
Freddie Mac has revised its outlook for mortgage rates this year and next, now saying 30-year rates won’t rise above 3.60 percent this year, and won’t be higher than 4 percent by the end of next year.
Freddie Mac says the average rate on a 30-year fixed-rate mortgage for borrowers with excellent credit fell to 3.41 percent this week, barely higher than the record low 3.31 percent set in late 2012.
With mortgage rates enticingly low, more homeowners with an existing mortgage are taking the first step to get a lower rate.
Mortgage rates fell again this week, and might continue to do so.
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