Market Watch
Freddie: Mortgage rates drop to lowest level in three months
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Market Watch
Wednesday, February 19, 2020
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Freddie Mac released the results of its latest Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.60 percent, the lowest mark in three months.
“Rates fell to the lowest level in three months and are about a quarter point above all-time lows,” Freddie Mac Chief Economist Sam Khater said in the survey.
“The very low-rate environment has clearly had an impact on the housing market as both new construction and home sales have surged in response to the decline in rates, the rebound in the economy and improving financial market sentiment,” Khater added.
The PMMS highlights include:
- A 30-year fixed-rate mortgage averaged 3.60 percent with an average 0.8 points for the week ending January 23, 2020, down from last week when it averaged 3.65 percent. A year ago at this time, the 30-year FRM averaged 4.45 percent;
- A 15-year fixed-rate mortgage averaged 3.04 percent with an average 0.8 points, down from last week when it averaged 3.09 percent. A year ago at this time, the 15-year FRM averaged 3.88 percent; and
- A 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.28 percent with an average 0.3 points, down from last week when it averaged 3.39 percent. A year ago at this time, the 5-year ARM averaged 3.90 percent.
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