Mortgage Rates Move Unchanged in Week Ending February 4th, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending February 4th, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.73% with an average 0.7 point, unchanged from last week. A year ago, at this time, the 30-year FRM averaged 3.45%. The 15-year fixed-mortgage averaged 2.21% with an average 0.6 point, up slightly from last week when it averaged 2.20%. A year ago, at this time, the 15-year FRM averaged 2.97%. In prepared remarks, Freddie Mac’s Chief Economist Sam Khater said, “Mortgage rates remained flat this week and near record lows, signifying an economy that continues to struggle. This rate environment is advantageous for those who are looking to refinance in order to strengthen their financial position. While many have already refinanced, the evidence suggests that upper income homeowners have taken advantage of the opportunity more so than lower income homeowners who could stand to benefit the most by lowering their monthly mortgage payment.”