Mortgage Rates Stay Flat

Today, Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing that 30-year fixed-rate mortgage (FRM) averaged 2.87%. In the same period last year, the 30-year FRM averaged 2.93%. 

“Economic growth and the acceleration in inflation have moderated in the last month, giving the markets comfort and leading to a stabilization in mortgage rates,” said Sam Khater, Freddie Mac’s chief economist.

The 30-year FRM averaged 2.87% with an average 0.6 point for the week ending September 2, 2021, unchanged from last week. The 15-year FRM averaged 2.18% with an average 0.6 point. That is up slightly from last week when it averaged 2.17%. Last year the 15-year FRM averaged 2.42%. 

Additionally, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.43% with an average 0.3 point, up slightly from last week’s 2.42%. Last year, the 5-year ARM averaged 2.93%. 

“Heading into the fall, home purchase demand is stable, home sales remain firm and above pre-pandemic levels, and inventory of unsold homes is tight but improving modestly. These factors will allow for home price pressures to ease over the remainder of the year,” Khater added.

To view the full results of Freddie’s PMMS, click the link provided.