Freddie Mac’s latest Primary Mortgage Market Survey (PMMS), showing the 30-year fixed-rate mortgage (FRM) averaged 2.72 percent.
This was the lowest rate in the PMMS’ history, which dates back to 1971, Freddie Mac said in a release.
“Weaker consumer spending data, which accounts for the majority of economic growth, drove mortgage rates to a new record low,” Freddie Mac Chief Economist Sam Khater said. “While economic growth remains unstable, strong housing demand continues to have a domino effect on many other segments of the economy.”
Some of the highlights from the PMMS include:
- The 30-year fixed-rate mortgage averaged 2.72 percent with an average 0.7 point for the week ending Nov. 19, 2020, down from last week when it averaged 2.84 percent. A year ago, at this time, the 30-year FRM averaged 3.66 percent.
- The 15-year fixed-rate mortgage averaged 2.28 percent with an average 0.6 point, down from last week when it averaged 2.34 percent. A year ago, at this time, the 15-year FRM averaged 3.15 percent.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.85 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 3.39 percent.