Mortgage Rates Hit Another Record Low in Week Ending 6th August 2020

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 6th August 2020. The PMMS shows that 30-year fixed-rate mortgage averaged 2.88% 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 3.60%. The 15-year fixed-mortgage averaged 2.44% with an average 0.8 point, down from last week when it averaged 2.51%. A year ago, at this time, the 15-year FRM averaged 3.05%. Freddie Mac’s Chief Economist Sam Khater said in prepared remarks that “The resilience of the housing market continues as mortgage rates hit another all-time low, giving potential buyers more purchasing power and strengthening demand. We expect rates to stay low and continue to propel the purchase market forward. However, the main barrier to rising demand remains the lack of inventory, especially for entry-level homes.”