Mortgage Rates Fall Slightly As COVID-19 Economic Woes Continue

Freddie Mac's latest Primary Mortgage Markey Survey reported that the 30-year fixed-rate mortgage averaged 2.73%. This is just a slight decrease from last when the 30-year averaged 2.77%.

“As the market reacts to a new administration in Washington and COVID-19 driven economic malaise, mortgage rates continued to decrease this week, just slightly,” said Sam Khater, Freddie Mac’s chief economist. “Even as house prices increase at the fastest rate we’ve seen in years, competition to buy is strong given the low inventory that exists across the country. The fact that there are not enough homes to meet demand is going to be an ongoing issue for the foreseeable future.”

The PMMS also reported the 15-year fixed-rate mortgage averaged 2.20%, down 0.01% from its previous average. In the same period last year, the 15-year averaged 3.00%. Additionally, the 5-year Treasury-indexed adjustable-rate mortgage averaged 2.80%, unchanged from last week.