30-Year Fixed Mortgage Rate Hits Lowest Rate in 50-years

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending March 5th, 2020. The PMMS shows that 30-year fixed-mortgage rate averaged 3.29%, with an average 0.7 point. Down from last week, when it averaged 3.45%. A year ago, at this time, the 30-year FRM averaged 4.41%. The 15-year fixed-mortgage rate averaged 2.79%, with an average 0.7 point. Down from last week, when it averaged 2.95%. A year ago, at this time, the 15-year FRM averaged 3.83% Freddie Mac’s Chief Economist Sam Khater, said in prepared remarks that “The average 30-year fixed-rate mortgage hit a record 3.29%this week, the lowest level in its nearly 50-year history. Meanwhile, mortgage applications increased 10 percent last week from one year ago and show no signs of slowing down. Given these strong indicators in rates and sales, as well as recent increases in new construction, it’s clear the housing market continues to be a positive force for the broader economy.”