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Mortgage Rates Keep Steady

Navi Persaud
Sep 17, 2020
House In Quiet Suburban Neighborhood

Mortgage rates showed little change this week, according to Freddie Mac's Primary Mortgage Market Survey. The PMMS showed the 30-year fixed-rate mortgage at an average of 2.87%, up just 0.01% from the previous week's average. That being said, the 30-year fixed-rate mortgage is still considerably lower than its average of 3.73% from a year ago.

"Despite the recession, the very low mortgage environment has spurred many first-time homebuyers to jump into the real estate market," said Sam Khater, Freddie Mac's chief economist. "In August, first-time homebuyer activity rose 19 percent from July to the highest monthly level ever for Freddie Mac. The first-time homebuyer driven rebound in the housing market has come at a critical time for the economy."

Additionally, the 15-year fixed-rate averaged 2.35%, down from last week's average of 2.37. The 5-year Treasury-indexed hybrid adjustable-rate mortgage showed the biggest change dropping from 3.11% to 2.96%.

Read the full Primary Mortgage Market Survey.

Freddie Mac Primary Mortgage Market Survey 09/17/2020

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