Mortgage Rates Move Slightly Lower in Week Ending January 21st, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 21st January 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.77% with an average 0.7 point, down from last week when it averaged 2.79%. A year ago, at this time, the 30-year FRM averaged 3.60%. The 15-year fixed-mortgage averaged 2.21% with an average 0.6 point down from last week when it averaged 2.23%. A year ago, at this time, the 15-year FRM averaged 3.04%. In prepared remarks, Freddie Mac’s Chief Economist Sam Khater said, “Mortgage rates have hovered near historic lows for almost a year, fueling purchase and refinance activity amid a global health crisis. We’re now seeing rates fluctuate a bit as political and economic factors drive Treasury yields higher. However, we forecast rates to remain relatively low this year as the Federal Reserve keeps interest rates anchored near zero for a longer period of time, if needed until the economy rebounds.”