30-Year Mortgage Rate Dips for Second Week in a Row in the Week Ending April 15, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 15, 2021. The PMMS reports that the 30-year fixed-rate mortgage averaged 3.04% with an average 0.7 point, down from last week when it averaged 3.13%. A year ago, at this time, the 30-year FRM averaged 3.31%. The 15-year fixed-mortgage averaged 2.35% with an average 0.7 point, down from last week when it averaged 2.42%. A year ago, at this time, the 15-year FRM averaged 2.80%. In prepared remarks, Freddie Mac’s Chief Economist Sam Khater said, “Mortgage rates took another dip this week as the 30-year fixed-rate mortgage decreased by almost ten basis points, week over week. The economy is improving on the demand side and on the supply side, a variety of goods and materials remain scarce. As a result of this imbalance, pricing pressures are building and causing inflation to rise. Despite the pause in mortgage rates recently, we expect them to increase modestly for the remainder of this year.”