Mortgage Rates are at New Record Low Level in the Week Ending December 17th, 2020

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending December 17th, 2020. The PMMS shows that 30-year fixed-rate mortgage averaged 2.67% with an average 0.7 point, down from last week when it averaged 2.71%. A year ago, at this time, the 30-year FRM averaged 3.73%. The 30-year fixed rate of 2.67% level is the lowest level since in the history of the Freddie Mac survey, which dates back to 1971. The 15-year fixed-mortgage averaged 2.21% with an average 0.6 point, down from last week when it averaged 2.26%. A year ago, at this time, the 15-year FRM averaged 3.19%. In prepared remarks, Freddie Mac’s Chief Economist Sam Khater said, “The housing market continues to surge higher and support an otherwise stagnant economy that has lost momentum in the last couple of months. Mortgage rates are at record lows and pushing many prospective homebuyers off the sidelines and into the market. Homebuyer sentiment is sanguine and purchase demand shows no real signs of waning at all heading into next year.”