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30-year Fixed Rate Mortgage at 3.71%

The average 30-year fixed rate mortgage (FRM) rate remained roughly level at 3.71% in the week ending August 30, 2019. The 15-year FRM rate decreased to 3.08%. FRM rates rose significantly in 2018, but have fallen back in 2019, now below a year earlier. The long-term rising trend has briefly stalled as the Federal Reserve (the Fed) drops interest rates as we head into the coming recession, expected in 2020. In response, expect interest rates to remain low throughout 2019.

Rising interest rates discouraged homebuyers and decreased their purchasing power in 2018, causing sales volume and prices to slip going into 2019. Now begun, the downward trajectory for prices and sales volume will continue in 2019, not to recover until after the next recession is over, in 2021-2023.

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