Mortgage News for the Week of July 12, 2019
Mortgage Rates Continue to Hold at Near Three-Year Lows
Mortgage rates continued to hold steady this week, with the average rate for a 30-year fixed rate mortgage flat at 3.75%, according to Freddie Mac’s  Primary Mortgage Market Survey .

A year ago at this time, the average rate for a 30-year was 4.53%. 

The average rate for a 15-year fixed-rate mortgage was 3.22%, up from 3.18% last week. Read more at Mortgage Orb.
Redfin: Nation's Home Buying Competition Eases as Bidding Wars Cool in June
Only 12% of purchasing offers made on Redfin's site faced a bidding war
As the nation’s home listings begin to  stay on the market longer , new data from Redfin suggests purchasing competition is easing in nearly every metro across the country.

According to the company, only 12% of purchasing offers made on its site faced a bidding war in June. Not only is this a strong decline from last year’s rate of 52%, but it also highlights a significant slowdown in competition. Read more at Housing Wire.
Philadelphia Makes List of Most Affordable Metros for Home Buying Newlyweds
  For couples looking to get hitched and buy a home, two Pennsylvania metros were named two of the most affordable cities in the U.S. to accomplish both life milestones.

According to a  recent report from Redfin , Pittsburgh is the third best city for newlyweds, while Philadelphia was named seventh. Nationwide, the average for both a down payment on a property and a wedding is more than $109,000. But in these two commonwealth metros, the average is significantly below the national average. Read more from the PA Association of Realtors.
Spend Spend Spend: Consumer Borrowing Continues to Climb
The amount of outstanding consumer credit has grown, and the latest figures prove that Americans have no issues with pulling out the plastic.

In May, consumer credit increased at a seasonally adjusted annual rate of 5%. Revolving credit increased at an annual rate of 8.25%, while non-revolving credit increased at an annual rate of 4%, according to the latest consumer credit information from the Federal Reserve. Read more from Mortgage Professional America..
Mortgage Credit Availability Up Slightly in June
Mortgage credit availability increased in June, rising 0.2% compared with May to a score of 189.8 on the Mortgage Bankers Association’s Mortgage Credit Availability Index (MCAI).

A decrease in the MCAI indicates that lending standards are tightening, while increases are indicative of loosening credit. The index was benchmarked to 100 in March 2012.

Credit for conventional loans increased 0.3% compared with May while credit for government loans decreased 0.1%. Read more at Mortgage Orb.
Mortgage Rate Update
Mortgage Rates Remain Stable
The recent stabilization in mortgage rates reflects modestly improving U.S. economic data and a more accommodative tone from the Federal Reserve to respond to the rising downside economic risk from trade tensions and soft global economic data. On the housing front, the latest weekly purchase application data suggests home buyer demand continues to rise, which is consistent with the slowly improving real estate data from the last two months.
We hope you enjoyed this week's Market News. For more information about how PMA can help you, please contact us.
Plymouth Meeting Office: 610.834.8700
Doylestown Office: 215.345.7600
Ocean City, NJ Office: 609.398.8600

Information and analysis is obtained through third parties and is deemed accurate but not guaranteed. Philadelphia Mortgage Advisors is a licensed mortgage lender by the PA Dept. of Banking and Securities, NJ Dept. of Banking & Insurance, the state of DE, the Florida Office of Financial Regulation, MD Mortgage Lender #23004 and VA State Corporation Commission #MC - 6797. NMLS #128570.
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