Mortgage Rates Drop Below 3% in Week Ending August 27th, 2020

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending August 27th, 2020. The PMMS shows that 30-year fixed-rate mortgage averaged 2.91% with an average 0.8 point, down from last week when it averaged 2.99%. A year ago, at this time, the 30-year FRM averaged 3.58%. The 15-year fixed-mortgage averaged 2.46% with an average 0.7 point, down from last week when it averaged 2.54%. A year ago, at this time, the 15-year FRM averaged 3.06%. Freddie Mac’s Chief Economist Sam Khater said in prepared remarks that “This year has been anything but normal and as the uncertainty lingers, mortgage rates remain near record lows. These rates continue to incentivize potential buyers and the home buying season, which shifted from spring to summer, will likely continue into the fall.”