Mortgage Rates Dip Slightly As The Housing Industry Holds Strong

Oct 01, 2020

The Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 3, 2020 has found that mortgage applications decreased 17.9 percent from one week earlier

Director of Events

Freddie Mac's latest Primary Mortgage Market Survey reported the 30-year fixed-rate mortgage averaged 2.88% as of October 1, 2020. This is down slightly from the 2.90% average for the previous week.

“As a result of low mortgage rates that have stayed under three percent since July, the housing market has seen a strong, upward trajectory during a very uncertain time,” said Sam Khater, Freddie Mac’s chief economist. “We’re seeing potential homebuyers who now have more purchasing power and many current homeowners who have the option to refinance their loan for a better rate. However, several factors could disrupt this activity including high home prices, low inventory and lender capacity.”

Meanwhile, the 15-year fixed-rate mortgage averaged 2.36%, down from its previous week average of 2.40% and down significantly from its 3.14% average last year. Additionally, the 5-year treasury-indexed adjustable-rate mortgage remained stagnant at an average rate of 2.90%, down significantly from its average of 3.38% last year.

Click here to learn more from Freddie Mac's PMMS.

Freddie Mac Primary Mortgage Market Survey 10/01/2020

About the author

Navi Persaud

Director of Events

Navi Persaud is Director of Events at NMP.

Link copied

Published

Oct 01, 2020

People On The Move

Adam Johnston Joins Candescent Capital Ventures

Johnston has joined the firm as the senior vice president, chief program management and valuation officer.

Candescent Capital Ventures (CCV) announced that Adam Johnston has joined the firm as the senior vice president, chief program management and valuation officer. In his new role, Johnston will drive the execution and alignment of products and services being developed in Ca...

Industry News

More Questions Than Answers At Housing Finance Climate Summit

Government officials, housing leaders, and climate scientists meet to address climate change's escalating impact on housing.

At an invitation-only gathering of senior government housing officials, industry leaders, insurance experts, climate scientists, economists, investors, and data analysts last week, the prevailing attitude of “urgent but manageable” disguised the lack of quantifiable, actiona...