Mortgage Rates Show Little Change

Freddie Mac's Primary Mortgage Market Survey reported that the 30-year fixed-rate mortgage averaged 2.81% up slightly from last week's average of 2.80%. During the same period in 2019, the 30-year fixed-rate mortgage averaged 3.78%.

"The record-low mortgage rate environment is providing tangible support to the economy at a critical time, as housing continues to propel growth," said Sam Khater, Freddie Mac’s Chief Economist. "Strong purchase demand is helping to lift the construction, manufacturing and transportation industries that build new homes and it is also leading to more consumer spending for owners, who are selling or improving their homes. On the refinance front, many consumers are smartly taking advantage of the ability to lower their monthly payment, which means they can spend, save or pay down debt more so than they have in the past."

According to the PMMS, the 15-year fixed-rate averaged 2.32%, down from 2.33% last week and 3.15% for the same period in 2019. The 5-year Treasury-indexed hybrid adjustable-rate averaged 2.88%, up from 2.87% last week but remains significantly lower than its 3.43% average from the same period in 2019.