Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) which showed the 30-year fixed-rate mortgage (FRM) averaged 2.88 percent, according to a release from Freddie Mac.
“While the economy continues to grow, it has lost momentum over the last two months due to the current wave of new COVID cases that has led to weaker employment, lower spending and declining consumer confidence,” Sam Khater, Freddie Mac’s chief economist, said. “Consequently, mortgage rates dropped early this summer and have stayed steady despite increases in inflation caused by supply and demand imbalances.
“The net result for housing is that these low and stable rates allow consumers more time to find the homes they are looking to purchase,” Khater added.
That 30-year fixed-rate mortgage averaged 0.7 average points for the week ending Sept. 9, up slightly from last week when it averaged 2.87 percent. A year ago, at this time, the 30-year FRM averaged 2.86 percent.
Other survey facts showed:
- A 15-year fixed-rate mortgage averaging 2.19 percent with an average 0.6 points, up slightly from last week when it averaged 2.18 percent. A year ago, at this time, the 15-year FRM averaged 2.37 percent.
- A 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaging 2.42 percent with an average 0.3 points, down slightly from last week when it averaged 2.43 percent. A year ago, at this time, the 5-year ARM averaged 3.11 percent.