Mortgage Rates Inch Higher But Still Remain Below 3% in Week Ending 3rd September 2020

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 3rd September 2020. The PMMS shows that 30-year fixed-rate mortgage averaged 2.93% with an average 0.8 point, up from last week when it averaged 2.91%. A year ago, at this time, the 30-year FRM averaged 3.49%. The 15-year fixed-mortgage averaged 2.42% with an average 0.8 point, down from last week when it averaged 2.46%. A year ago, at this time, the 15-year FRM averaged 3.00% percent. Freddie Mac’s Chief Economist Sam Khater said in prepared remarks that. “Mortgage rates have remained effectively flat or at near record lows for the last month. However, there are some interesting compositional shifts as the 10-year Treasury rate has increased modestly over the past month while mortgage spreads have declined. Spreads may decline even further but the rise in Treasury rates will make it difficult for mortgage rates to fall much more over the next few weeks.”