Mortgage Rates Reach All Time Low

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending April 30^th, 2020. The PMMS shows that 30-year fixed-mortgage rate averaged 3.23% with an average 0.7 point, down from last week when it averaged 3.33%. The lowest rate in the survey’s history, which dates back to 1971. The 15-year fixed-mortgage rate averaged 2.77% with an average 0.6 point, down from last week when it averaged 2.86%.  A year ago, at this time, the 15-year FRM averaged 3.60%. Freddie Mac’s Chief Economist Sam Khater said in prepared remarks that “The size and depth of the secondary mortgage market is helping to keep rates at record lows. These low rates are driving higher refinance activity and have modestly helped improve purchase demand from their extremely low levels in mid-April. “While many people are benefiting from low mortgage rates, it’s important to remember that not all people are able to take advantage of them given the current pandemic.”