Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 2.93 percent.
“Mortgage rates have remained effectively flat or at near record lows for the last month,” said Sam Khater, Freddie Mac’s chief economist. “However, there are some interesting compositional shifts as the 10-year Treasury rate has increased modestly over the past month while mortgage spreads have declined. Spreads may decline even further but the rise in Treasury rates will make it difficult for mortgage rates to fall much more over the next few weeks.”
– 30-year fixed-rate mortgage averaged 2.93 percent with an average 0.8 point for the week ending Sept. 3, 2020, up from last week when it averaged 2.91 percent. A year ago at this time, the 30-year FRM averaged 3.49 percent.
– 15-year fixed-rate mortgage averaged 2.42 percent with an average 0.8 point, down from last week when it averaged 2.46 percent. A year ago at this time, the 15-year FRM averaged 3.00 percent.
– 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.93 percent with an average 0.2 point, up from last week when it averaged 2.91 percent. A year ago at this time, the 5-year ARM averaged 3.30 percent.
Source: Freddie Mac