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.”
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