30-Year Mortgage Rate Drops for Third Week in a Row During Week Ending April 22, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 22, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.97% percent with an average 0.7 point, down from last week when it averaged 3.04%. A year ago, at this time, the 30-year FRM averaged 3.33%. The 15-year fixed-mortgage averaged 2.29% with an average 0.6 point, down from last week when it averaged 2.35%. A year ago, at this time, the 15-year FRM averaged 2.86%. In prepared remarks, Freddie Mac’s Chief Economist Sam Khater said, “The drop in mortgage rates is good news for homeowners who are still looking to take advantage of the very low-rate environment. Freddie Mac research suggests that lower income and minority homeowners have been less likely to engage in the refinance market. Low and declining mortgage rates provide these homeowners the opportunity to reduce their monthly payment and improve their financial position.”