Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending September 17th, 2020. The PMMS shows that 30-year fixed-rate mortgage averaged 2.87% with an average 0.8 point, up slightly from last week when it averaged 2.86%. A year ago, at this time, the 30-year FRM averaged 3.73%. The 15-year fixed-mortgage averaged 2.35% with an average 0.8 point, down from last week when it averaged 2.37%. A year ago, at this time, the 15-year FRM averaged 3.21%. Freddie Mac’s Chief Economist Sam Khater said in prepared remarks that, “Despite the recession, the very low mortgage environment has spurred many first-time homebuyers to jump into the real estate market. In August, first-time homebuyer activity rose 19 percent from July to the highest monthly level ever for Freddie Mac. The first-time homebuyer driven rebound in the housing market has come at a critical time for the economy.”
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Mortgage Rates Generally Hold Steady