Mortgage Rates Move Lower Again in Week Ending January 28th, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending January 28th, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.73% with an average 0.7 point, down from last week when it averaged 2.77%. A year ago, at this time, the 30-year FRM averaged 3.51%. The 15-year fixed-mortgage averaged 2.20% with an average 0.6 point, down from last week when it averaged 2.21%. A year ago, at this time, the 15-year FRM averaged 3.00%. In prepared remarks, Freddie Mac’s Chief Economist Sam Khater said, “As the market reacts to a new administration in Washington and COVID-19 driven economic malaise, mortgage rates continued to decrease this week, just slightly. Even as house prices increase at the fastest rate we’ve seen in years, competition to buy is strong given the low inventory that exists across the country. The fact that there are not enough homes to meet demand is going to be an ongoing issue for the foreseeable future.”