Freddie Mac: Mortgage Rates Stay Flat in September 2nd Report
Freddie Mac released the results of its Primary Mortgage Market Survey (“PMMS”), showing that the 30-year fixed-rate mortgage (“FRM”) averaged 2.87 percent.
“Economic growth and the acceleration in inflation have moderated in the last month, giving the markets comfort and leading to a stabilization in mortgage rates,” said Sam Khater, Freddie Mac’s Chief Economist. “Heading into the fall, home purchase demand is stable, home sales remain firm and above pre-pandemic levels, and inventory of unsold homes is tight but improving modestly. These factors will allow for home price pressures to ease over the remainder of the year.”
-30-year fixed-rate mortgage averaged 2.87 percent with an average 0.6 point for the week ending September 2, 2021, unchanged from last week. A year ago at this time, the 30-year FRM averaged 2.93 percent.
-15-year fixed-rate mortgage averaged 2.18 percent with an average 0.6 point, up slightly from last week when it averaged 2.17 percent. A year ago at this time, the 15-year FRM averaged 2.42 percent.
-5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.43 percent with an average 0.3 point, up slightly from last week when it averaged 2.42 percent. A year ago at this time, the 5-year ARM averaged 2.93 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.
Angela Waugaman – Media Contact – Angela_Waugaman@FreddieMac.com – (703) 714-0644
Source: Freddie Mac