30-Year Fixed Mortgage Rate Moves Lower

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending March 26th, 2020. The PMMS shows that 30-year fixed-mortgage rate averaged 3.50%, with an average 0.7 point. Down from last week, when it averaged 3.65%. A year ago, at this time, the 30-year FRM averaged 4.06%. The 15-year fixed-mortgage rate averaged 2.92%, with an average 0.6 point. Down from last week, when it averaged 3.06%. A year ago, at this time, the 15-year FRM averaged 3.57%. Freddie Mac’s Chief Economist Sam Khater said in prepared remarks that “The Federal Reserve’s swift and significant efforts to stabilize the market were much needed and helped mortgage rates drop for the first time in three weeks. Similar to other segments of the economy, real estate demand is softening. However, the combination of the Fed’s actions and pending economic stimulus will provide substantial support to the mortgage markets.”