Freddie Mac: Mortgage Rates Show Little Change in September 23rd Report
Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 2.88 percent.
“The slowdown in economic growth around the world has caused a flight to the quality of the U.S. financial markets,” said Sam Khater, Freddie Mac’s Chief Economist. “This has led to a rise in foreign investor purchases of U.S. Treasuries, causing mortgage rates to remain in place, despite the increasing dispersion of inflation across different consumer goods and services.”
Khater continued, “On the housing front, homebuyers continue to snap up available inventory, which has improved modestly, and home price growth is moderating. However, the next few months will be choppy as several home builders are signaling that they are going to deliver less supply amid labor and materials shortages.”
–30-year fixed-rate mortgage averaged 2.88 percent with an average 0.7 point for the week ending September 23, 2021, up slightly from last week when it averaged 2.86 percent. A year ago at this time, the 30-year FRM averaged 2.90 percent.
–15-year fixed-rate mortgage averaged 2.15 percent with an average 0.6 point, up from last week when it averaged 2.12 percent. A year ago at this time, the 15-year FRM averaged 2.40 percent.
–5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.43 percent with an average 0.3 point, down from last week when it averaged 2.51 percent. A year ago at this time, the 5-year ARM averaged 2.90 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.
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Angela Waugaman – Media Contact – Angela_Waugaman@FreddieMac.com – (703) 714-0644
Source: Freddie Mac