Mortgage Rates Creep Higher in Week Ending September 24th, 2020

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending September 24th, 2020. The PMMS shows that 30-year fixed-rate mortgage averaged 2.90% with an average 0.8 point, up from last week when it averaged 2.87%. A year ago, at this time, the 30-year FRM averaged 3.64%. The 15-year fixed-mortgage averaged 2.40% with an average 0.7 point, up from last week when it averaged 2.35%. A year ago, at this time, the 15-year FRM averaged 3.16%. Freddie Mac’s Chief Economist Sam Khater said in prepared remarks that “Mortgage rates set several record lows over the last few months and have remained low into September. While there is room for rates to decrease even more, higher home prices and low inventory could potentially stifle the high demand that we’ve been seeing.”