Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 2.88 percent.
“While the economy continues to grow, it has lost momentum over the last two months due to the current wave of new COVID cases that has led to weaker employment, lower spending and declining consumer confidence,” said Sam Khater, Freddie Mac’s Chief Economist. “Consequently, mortgage rates dropped early this summer and have stayed steady despite increases in inflation caused by supply and demand imbalances. The net result for housing is that these low and stable rates allow consumers more time to find the homes they are looking to purchase.”
•30-year fixed-rate mortgage averaged 2.88 percent with an average 0.7 point for the week ending September 9, 2021, up slightly from last week when it averaged 2.87 percent. A year ago at this time, the 30-year FRM averaged 2.86 percent.
•15-year fixed-rate mortgage averaged 2.19 percent with an average 0.6 point, up slightly from last week when it averaged 2.18 percent. A year ago at this time, the 15-year FRM averaged 2.37 percent.
•5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.42 percent with an average 0.3 point, down slightly from last week when it averaged 2.43 percent. A year ago at this time, the 5-year ARM averaged 3.11 percent.
For the most recent information on mortgage rates check with your mortgage provider or with Mortgage Rate News and Information sites such as Mortgage News Daily.