Mortgage Rates Inch Higher in the Week Ending 13th August 2020

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending August 13th, 2020. The PMMS shows that 30-year fixed-mortgage rate averaged 2.96% with an average 0.8 point up from last week when it averaged 2.88%. A year ago, at this time, the 30-year FRM averaged 3.60%.  The 15-year fixed-mortgage rate averaged 2.46% with an average 0.8 point, up from last week when it averaged 2.44%. A year ago, at this time, the 15-year FRM averaged 3.07%. Freddie Mac’s Chief Economist Sam Khater said in prepared remarks that, “Homebuyer demand remains strong, especially for those in search of an entry-level home where the improvement in affordability via lower mortgage rates has a material impact. Even with this week’s uptick, very low rates are providing a significant boost to the housing market that continues to hold up well during this time of uncertainty.”