Mortgage Rates Hit Lowest Level Since 1971, for the Week Ending July 2nd

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 2nd July 2020. The PMMS shows that 30-year fixed-mortgage rate averaged 3.07% with an average 0.8 point down from 3.13% from last week. A year ago, at this time, the 30-year FRM averaged 3.75%. The 15-year fixed-mortgage rate averaged 2.56% with an average 0.8 point, down slightly from last week when it averaged 2.59%. A year ago, at this time, the 15-year FRM averaged 3.18%. Freddie Mac’s Chief Economist Sam Khater, said in prepared remarks that, “Mortgage rates continue to slowly drift downward with a distinct possibility that the average 30-year fixed-rate mortgage could dip below 3% later this year. On the economic front, incoming data suggest the rebound in economic activity has paused in the last couple of weeks with modest declines in consumer spending and a pullback in purchase activity.”