30-Year Mortgage Rates Inch Higher in the Week Ending August 26, 2021

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 2.87% with an average 0.6 point — up slightly from last week when it averaged 2.86%. A year ago at this time, the 30-year FRM averaged 2.91%. The 15-year fixed-mortgage averaged 2.17% with an average 0.6 point, up slightly last week when it averaged 2.16%. A year ago at this time, the 15-year FRM averaged 2.46%.

In a statement prepared for this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater said, “The tug-of-war between the economic recovery and rising COVID-19 cases has left mortgage rates moving sideways over the last few weeks. Overall, rates continue to be low, with a window of opportunity for those who did not refinance under three percent. From a homebuyer perspective, purchase application demand is improving, but the major obstacle to higher home sales remains very low inventory for consumers to purchase.”