Freddie Mac: Mortgage Rates Generally Hold Steady in September 17th Report
Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 2.87 percent.
“Despite the recession, the very low mortgage environment has spurred many first-time homebuyers to jump into the real estate market,” said Sam Khater, Freddie Mac’s Chief Economist. “In August, first-time homebuyer activity rose 19 percent from July to the highest monthly level ever for Freddie Mac. The first-time homebuyer driven rebound in the housing market has come at a critical time for the economy.”
– 30-year fixed-rate mortgage averaged 2.87 percent with an average 0.8 point for the week ending September 17, 2020, up slightly from last week when it averaged 2.86 percent. A year ago at this time, the 30-year FRM averaged 3.73 percent.
– 15-year fixed-rate mortgage averaged 2.35 percent with an average 0.8 point, down from last week when it averaged 2.37 percent. A year ago at this time, the 15-year FRM averaged 3.21 percent.
– 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent with an average 0.3 point, down from last week when it averaged 3.11 percent. A year ago at this time, the 5-year ARM averaged 3.49 percent.
The PMMS® is focused on conventional, conforming, fully-amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.
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Source: Freddie Mac