Mortgage Rates Hit New Record Lows in Week Ending 22nd October 2020

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 22^nd October 2020. The PMMS shows that 30-year fixed-rate mortgage averaged 2.80% with an average 0.6 point, down from last week when it averaged 2.81%. A year ago, at this time, the 30-year FRM averaged 3.75%. The 15-year fixed-mortgage averaged 2.33% with an average 0.6 point, down from last week when it averaged 2.35%. A year ago, at this time, the 15-year FRM averaged 3.18%. In prepared remarks, Freddie Mac’s Chief Economist Sam Khater said, “Mortgage rates remain very low, providing homeowners who have not already taken advantage of this environment ample opportunity to do so. Mortgage rates today are on average more than a full percentage point lower than rates over the last five years. This means that most low- and moderate-income borrowers who purchased during the last few years stand to benefit by exploring refinancing to lower their monthly payment.”