Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending September 9, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.88% with an average 0.7 point, up slightly from last week when it averaged 2.87%. A year ago, at this time, the 30-year FRM averaged 2.86%. The 15-year fixed-mortgage averaged 2.19% with an average 0.6 point, up slightly from last week when it averaged 2.18%. A year ago, at this time, the 15-year FRM averaged 2.37%.
In a statement prepared for this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater said, “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. 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.”
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Mortgage Rates Remain Relatively Flat