Rates for home loans slumped, another reminder of the “lower for longer” conditions that have dogged financial markets since the 2008 financial crisis.
The 15-year fixed-rate mortgage averaged 3.60%, down from 3.64%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.68%, down 9 basis points.Fixed-rate mortgages follow the trajectory of the benchmark 10-year U.S. Treasury note TMUBMUSD10Y, +0.76% .
But earlier this week, Khater threw in the towel and slashed his rate forecast. He now expects the 30-year fixed-rate mortgage to average 4.30% throughout the year, down from his earlier forecast of 5.1% – and also down from the 4.54% averaged during 2018. Between a strong consumer sector, healthy corporate balance sheets, market indicators like the yield curve mostly pointing in the right direction, and supportive policy, “when you wrap it all together it looks good,” Khater said.“This been the most unloved economic expansion and bull market,” Khater added. “Because of all the negative headlines, it sometimes clouds our ability to look at the data. I think the ghosts of the Great Recession are lingering in our minds.
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