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.”
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Mortgage Rates Generally Hold Steady