Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending August 19, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.86% with an average 0.7 point, down slightly from last week when it averaged 2.87%. A year ago, at this time, the 30-year FRM averaged 2.99%.
The 15-year fixed-mortgage averaged 2.16% with an average 0.6 point, up slightly last week when it averaged 2.15%. A year ago, at this time, the 15-year FRM averaged 2.54%.
In remarks prepared for this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater said, “Mortgage rates stayed relatively flat this week. Housing is in a similar phase of the economic cycle as many other consumer goods. While there is strong latent demand, low supply has caused prices to rise as shortages restrict the amount of sales activity that otherwise would occur.”
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Mortgage Rates Show Little Movement