Mortgage Rates Move Slightly Higher for the Week Ending September 17th, 2020

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.”