Mortgage Rates Hold Steady for Week Ending June 25th

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 25th June 2020. The PMMS shows that 30-year fixed-mortgage rate averaged 3.13% with an average 0.8 point, unchanged from last week. A year ago, at this time, the 30-year FRM averaged 3.73%. The 15-year fixed-mortgage rate averaged 2.59% with an average 0.8 point, up slightly from last week when it averaged 2.58%. A year ago, at this time, the 15-year FRM averaged 3.16%. Freddie Mac’s Chief Economist Sam Khater, said in prepared remarks that, “After the Great Recession, it took more than ten years for purchase demand to rebound to pre-recession levels, but in this crisis, it took less than ten weeks. The rebound in purchase demand partly reflects deferred sales as well as continued interest from prospective buyers looking to take advantage of the low mortgage rate environment.”