30-Year Mortgage Rate Holds Steady for Second Week in Row for Week Ending February 11, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending February 11, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.73% with an average 0.7 point, unchanged from last week. A year ago, at this time, the 30-year FRM averaged 3.47%. The 15-year fixed-mortgage averaged 2.19% with an average 0.6 point, down from last week when it averaged 2.21%. A year ago, at this time, the 15-year FRM averaged 2.97%. In prepared remarks, Freddie Mac’s Chief Economist Sam Khater said, “It’s a tale of two economies. The services economy remains in the doldrums, but the production side of the economy remains strong. New COVID-19 cases are receding, which is encouraging and that has led to a rise in Treasury rates. But the run-up in Treasury rates has not impacted mortgage rates yet, which have held firm.” Khater continued, “The residential real estate market remains solid given healthy purchase demand while implied real-time home price growth is high, due to the inventory shortage that is plaguing the housing market.”

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