Mortgage Rates Fall Below 3% in Week Ending 30th July

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending July 30th, 2020. The PMMS shows that 30-year fixed-mortgage averaged 2.99% with an average 0.8 point, down slightly from last week when it averaged 3.01%. A year ago, at this time, the 30-year FRM averaged 3.75%. The 15-year fixed-mortgage rate averaged 2.51% 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 3.20% percent. Freddie Mac’s Chief Economist Sam Khater said in prepared remarks that “It’s Groundhog Day in the mortgage market as rates continue to remain near historic lows, driving purchase demand over 20 percent above a year ago. Real estate is one of the bright spots in the economy, with strong demand and modest slowdown in home prices heading into the late summer. Home sales should remain strong the next few months into the early fall.”