Mortgage Rates Hold at Near Record Low Levels in Week Ending October 29th, 2020

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending October 29th, 2020. The PMMS shows that 30-year fixed-rate mortgage averaged 2.81% with an average 0.7 point, up slightly from last week when it averaged 2.80%. A year ago, at this time, the 30-year FRM averaged 3.78%. The 15-year fixed-mortgage averaged 2.32% with an average 0.6 point, down slightly from last week when it averaged 2.33%. A year ago, at this time, the 15-year FRM averaged 3.19%. In prepared remarks, Freddie Mac’s Chief Economist Sam Khater said, “The record low mortgage rate environment is providing tangible support to the economy at a critical time, as housing continues to propel growth. Strong purchase demand is helping to lift the construction, manufacturing and transportation industries that build new homes, and it is also leading to more consumer spending for owners, who are selling or improving their homes. On the refinance front, many consumers are smartly taking advantage of the ability to lower their monthly payment, which means they can spend, save or pay down debt more so than they have in the past.”