Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 15th, 2020. The PMMS shows that 30-year fixed-rate mortgage averaged 2.81% with an average 0.6 point, down from last week when it averaged 2.87%. A year ago, at this time, the 30-year FRM averaged 3.69%. The 15-year fixed-mortgage averaged 2.35% with an average 0.5 point, down from last week when it averaged 2.37%. A year ago, at this time, the 15-year FRM averaged 3.15% In prepared remarks, Freddie Mac’s Chief Economist Sam Khater said “Low mortgage rates have become a regular occurrence in the current environment. As we hit yet another record low, the tenth record this year, many people are benefiting as refinance activity remains strong. However, it’s important to remember that not all people are able to take advantage of low rates given the effects of the pandemic.”
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Mortgage Rates Drop, Hitting Another All-Time Low