30-Year Fixed Mortgage Rate Unchanged from Last Week

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 9th, 2020. The PMMS shows that 30-year fixed-mortgage rate averaged 3.33%, with an average 0.7 point. Unchanged from last week. A year ago, at this time, the 30-year FRM averaged 4.12%. The 15-year fixed-mortgage rate averaged 2.77%, with an average 0.6 point. Down from last week, when it averaged 2.82%. A year ago, at this time, the 15-year FRM averaged 3.60%. Freddie Mac’s Chief Economist Sam Khater said in prepared remarks that “While mortgage rates remained flat over the last week, there is room for rates to move down. This year the 10-year Treasury market has declined by over a full percentage point, yet mortgage rates have only declined by one-third of a point. As financial markets continue to heal, we expect mortgage rates will drift lower in the second half of 2020.”