Mortgage Rates Inch Lower

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending February 27th, 2020. The PMMS shows that 30-year fixed-mortgage rate averaged 3.45% with an average 0.7 point for the week ending February 27, 2020, down from last week when it averaged 3.49%. A year ago, at this time, the 30-year FRM averaged 4.35%. The 15-year fixed-mortgage rate averaged 2.95% with an average 0.8 point, down from last week when it averaged 2.99%. A year ago, at this time, the 15-year FRM averaged 3.77% Freddie Mac’s Chief Economist Sam Khater, said in prepared remarks that “Given the recent volatility of the ten-year Treasury yield, it’s not surprising that mortgage rates again have dropped. These low rates combined with high consumer confidence continue to drive home sales upward, a trend that is likely to endure as we enter spring.”