The direction of mortgage rates in 2019 seems to be stumping economists. Predictions from MBA, Fannie Mae, Freddie Mac and NAR all had mortgage rates either remaining flat or moving higher in 2019. Up until this last week, economists were right. Now rates are on the downswing and economists are looking to possibly adjust their forecasts.
The Primary Mortgage Market Survey® released by Freddie Mac’s Economic and Housing Research group, places the average 30-year fixed rate mortgage at 4.14 percent for the week of May 2, 2019, down 0.06 percent from one week earlier. The 15-year fixed rate mortgage and the 5-year adjustable rate mortgage is at 3.6 percent and 3.68 percent, respectively. The drops are being attributed to slightly weaker inflation and labor economic data.