Mortgage Rates Move Slightly Lower in the Week Ending September 16, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending September 16, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.86% with an average 0.7 point, down slightly from last week when it averaged 2.88%. A year ago, at this time, the 30-year FRM averaged 2.87%. The 15-year fixed-mortgage averaged 2.12% with an average 0.6 point, down from last week when it averaged 2.19%. A year ago, at this time, the 15-year FRM averaged 2.35%.

In remarks prepared for this week’s PMMS report, Freddie Mac’s Chief Economist, Sam Khater said, “It’s Groundhog Day for mortgage rates, as they have remained virtually flat for over two months. The holding pattern in rates reflects the markets’ view that the prospects for the economy have dimmed somewhat due to the rebound in new COVID cases. While our collective attention is on the pandemic, fundamental changes in the economy are occurring, such as increased migration, the extended continuation of remote work, increased use of automation, and the focus on a more energy efficient and resilient economy. These factors will likely lead to significant investment and new post-pandemic economic models that will spur economic growth.”