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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Mortgage Rates Remain Flat for the Second Consecutive Week