Mortgage Rates Close In On All-Time Lows

With the COVID-19 pandemic still raging across the U.S., the mortgage industry is still seeing mortgage rates flirt with all-time low numbers. Freddie Mac's Primary Mortgage Market Survey (PMMS) revealed that the 30-year fixed-rate mortgage is averaging 3.31%.

 

"Mortgage rates continue to hover near all-time lows for the third straight week. As a result, refinance activity remains high, but home purchase demand is weak due to economic tightening,” said Sam Khater, Freddie Mac’s Chief Economist. "While new monthly economic data are driving markets lower this week, they are a lagging indicator and should be priced in already. Real time daily economic activity metrics suggest that the economy will likely not decline much further. Going forward, the key question is no longer the depth of the economic contraction, but the duration."

 

The 15-year fixed-rate mortgage average came in at 2.80%, an increase from last week's total of 2.77%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage is down to 3.34%, a 0.06% change from last week.

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