Mortgage Rates Hit Another Record Low, in the Week Ending July 9th

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 9th July 2020. The PMMS shows that 30-year fixed-mortgage rate averaged 3.03% with an average 0.8 point, down from last week when it average 3.07%. A year ago, at this time, the 30-year FRM averaged 3.75%. The 15-year fixed-mortgage rate averaged 2.51% percent with an average 0.8 point, down from last week when it averaged 2.56%. A year ago, at this time, the 15-year FRM averaged 3.22%. Freddie Mac’s Chief Economist Sam Khater said in prepared remarks that “The summer is heating up as record low mortgage rates continue to spur homebuyer demand. However, it remains to be seen whether the demand will continue if COVID cases rise to the point that it hinders economic growth.”