30-Year Fixed Mortgage Rate Moves Lower

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 2nd, 2020. The PMMS shows that 30-year fixed-mortgage rate averaged 3.33%, with an average 0.7 point. Down from last week, when it averaged 3.50%. A year ago, at this time, the 30-year FRM averaged 4.08%. The 15-year fixed-mortgage rate averaged 2.82%, with an average 0.6 point. Down from last week, when it averaged 2.92%. A year ago, at this time, the 15-year FRM averaged 3.56%. Freddie Mac’s Chief Economist Sam Khater said in prepared remarks that “Mortgage rates have drifted down for two weeks in a row and that drop reflects improvements in market liquidity and sentiment.” While the market has stabilized relative to prior weeks, homebuyer demand has declined in response to current economic conditions. The good news is that the pending economic stimulus is on the way and will provide support for both consumers and businesses.”