Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 8, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 3.13% with an average 0.7 point, down from last week when it averaged 3.18%. A year ago, at this time, the 30-year FRM averaged 3.33%. The 15-year fixed-mortgage averaged 2.42% with an average 0.6 point, down from last week when it averaged 2.45%. A year ago, at this time, the 15-year FRM averaged 2.77%. In prepared remarks, Freddie Mac’s Chief Economist Sam Khater said, “After moving up for seven consecutive weeks, mortgage rates have dropped due to the recent, modest decline of U.S. Treasury yields. As the economy recovers, it should experience a strong rebound in the labor market. Combined, these positive signals will continue to bolster purchase demand. The drop in rates creates yet another opportunity for those who have not refinanced to take a look at the possibility.”
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Mortgage Rates Drop