According to Freddie Mac’s latest Primary Mortgage Market Survey for mid-August 2019, the 30-year fixed-rate mortgage rate in the U.S. averaged 3.60 percent, unchanged from last week.

Sam Khater, Freddie Mac’s chief economist, says, “The sound and fury of the financial markets continue to warn of an impending recession, however, the silver lining is mortgage demand reached a three-year high this week. The decline in mortgage rates over the last month is causing a spike in refinancing activity – as homeowners currently have $2 trillion in conventional mortgage loans that are in the money – which will help support consumer balance sheets and increase household cash flow. On top of that, purchase demand is up seven percent from a year ago.”