Freddie Mac's latest Primary Mortgage Market Survey is showing a slight dip in mortgage rates at the beginning of 2019.
The survey revealed that the 30-year fixed rate mortgage declined .04% from 4.55% to 4.51% this week. According to HousingWire, this is still a substantial increase from last year's rate of 3.95%.
"Freddie Mac Chief Economist Sam Khater explained that the combination of lower rates and decreases in home prices should get those looking to buy a home excited," according to HousingWire.
“Low mortgage rates combined with decelerating home price growth should get prospective homebuyers excited to buy. However, it will be interesting to see how the recent turmoil in the stock market will affect homebuying activity in the coming months.”
Market volatility has been a huge topic of discussion ever before the holiday season and the start of 2019. It is something that analysts will be taking a closer look at as the year moves on.
To learn more about Freddie Mac's Primary Mortgage Market Survey and the decline in mortgage rates, click on the image above.