Mortgage Rates Move Slightly Lower in Week Ending 1st October 2020

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 24th September 2020. The PMMS shows that 30-year fixed-rate mortgage averaged 2.88% with an average 0.8 point, down from last week when it averaged 2.90%. A year ago, at this time, the 30-year FRM averaged 3.65%. The 15-year fixed-mortgage averaged 2.36% with an average 0.7 point, down from last week when it averaged 2.40% percent. A year ago, at this time, the 15-year FRM averaged 3.14%. Freddie Mac’s Chief Economist Sam Khater said in prepared remarks that “As a result of low mortgage rates that have stayed under three percent since July, the housing market has seen a strong, upward trajectory during a very uncertain time. We’re seeing potential home buyers who now have more purchasing power and many current homeowners who have the option to refinance their loan for a better rate. However, several factors could disrupt this activity including high home prices, low inventory and lender capacity.”