Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending September 2, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.87% with an average 0.6 point — unchanged from last week. A year ago at this time, the 30-year FRM averaged 2.93%. The 15-year fixed-mortgage averaged 2.18% with an average 0.6 point — up slightly from last week, when it averaged 2.17%. A year ago, at this time, the 15-year FRM averaged 2.42%.
In remarks prepared for this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater said, “Economic growth and the acceleration in inflation have moderated in the last month, giving the markets comfort and leading to a stabilization in mortgage rates. Heading into the fall, home purchase demand is stable, home sales remain firm and above pre-pandemic levels, and inventory of unsold homes is tight but improving modestly. These factors will allow for home price pressures to ease over the remainder of the year.”
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Mortgage Rates Stay Flat