Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 23rd July 2020. The PMMS shows that 30-year fixed-mortgage rate averaged 3.01% with an average 0.8 point, up from last week when it averaged 2.98%. A year ago, at this time, the 30-year FRM averaged 3.75%. The 15-year fixed-mortgage rate averaged 2.54% with an average 0.7 point, up from last week when it averaged 2.48%. A year ago, at this time, the 15-year FRM averaged 3.18%. Freddie Mac’s Chief Economist Sam Khater said in prepared remarks that “While housing demand continues to rebound, the month-long swoon in economic activity has caused the 10-year Treasury benchmark to drop. In the short-term, this means the demand will continue on the back of near record low mortgage rates. However, the most recent consumer spending data has been pointing to slow growth since mid-June. The concern is that the pause in economic activity will cause unemployment to remain elevated which will lead to longer-term labor market distress.”
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Mortgage Rates Rise for the First Time in Weeks