According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®), the 30-year fixed mortgage rate averaged 2.86% for the week ending Sept. 16.
Mortgage details:
– 30-year fixed-rate mortgage averaged 2.86% with an average 0.7 point for the week, down slightly from last week when it averaged 2.88%. Last year, the 30-year FRM averaged 2.87%.
– 15-year fixed-rate mortgage averaged 2.12% with an average 0.6 point, down from last week when it averaged 2.19%. Last year, the 15-year FRM averaged 2.35%.
– 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.51% with an average 0.1 point, up from last week when it averaged 2.42%. Last year, the 5-year ARM averaged 2.96%.
The takeaway:
“It’s Groundhog Day for mortgage rates, as they have remained virtually flat for over two months. The holding pattern in rates reflects the markets’ view that the prospects for the economy have dimmed somewhat due to the rebound in new COVID cases,” said Sam Khater, Freddie Mac’s chief economist, in a statement. “While our collective attention is on the pandemic, fundamental changes in the economy are occurring, such as increased migration, the extended continuation of remote work, increased use of automation, and the focus on a more energy efficient and resilient economy. These factors will likely lead to significant investment and new post-pandemic economic models that will spur economic growth.”
