Mortgage Rates Creep Higher in Week Ending August 20th, 2020

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending August 20th, 2020. The PMMS shows that 30-year fixed-rate mortgage averaged 2.99% with an average 0.8 point, up from last week when it averaged 2.96%. A year ago, at this time, the 30-year FRM averaged 3.55%. The 15-year fixed-mortgage averaged 2.54% with an average 0.7 point, up from last week when it averaged 2.46%. A year ago, at this time, the 15-year FRM averaged 3.03%. Freddie Mac’s Chief Economist Sam Khater said in prepared remarks that “Purchase housing demand continues to accelerate, ultimately providing support to an economy that otherwise has stagnated. The surge in sales led to a rapid increase in the demand for remodeling and home furnishings as consumers look to renovate while adjusting to home life during COVID.”