SOURCE: Freddie Mac
July 12, 2016 08:45 ET
MCLEAN, VA--(Marketwired - Jul 12, 2016) - Freddie Mac (OTCQB: FMCC) released today its monthly Outlook for July showing international concerns, particularly slowing growth in China and the Brexit vote in the U.K., have played a major role in driving down mortgage rates. In the most recent Primary Mortgage Market Survey the 30-year fixed-rate mortgage fell to 3.41 percent, just slightly above the all-time record low. This is likely to result in a boost in housing activity, particularly refinance, as homeowners take advantage of the current low rates.
Quote: Attributed to Sean Becketti, Chief Economist, Freddie Mac.
"With the U.K.'s decision to exit from the European Union, global risks increased substantially leading us to revise our views for the remainder of 2016 and all of 2017. Nonetheless, the turbulence abroad should continue to create demand for U.S. Treasuries and keep mortgage rates near historic lows; thereby, allowing home sales to have their best year in a decade, along with a boost in refinance activity."
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is the largest source of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.
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