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

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Mortgage Rates Move Up
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.”

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