Mortgage Rates Remain at New Record Lows in the Week Ending 10th December 2020

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 10th December 2020. The PMMS shows that 30-year fixed-rate mortgage averaged 2.71% with an average 0.7 point, unchanged from last week. A year ago, at this time, the 30-year FRM averaged 3.73%. The 15-year fixed-mortgage averaged 2.26% with an average 0.6 point, unchanged from last week. A year ago, at this time, the 15-year FRM averaged 3.19%. In prepared remarks, Freddie Mac’s Chief Economist Sam Khater said, “Mortgage rates remain at record lows, resisting their typical correlation to Treasury yields, which have recently been moving higher. Mortgage spreads – the difference between mortgage rates and the 10-year Treasury rate – are declining from their elevated levels earlier this year. Although today’s mortgage spread is about 1.8% and still has some room to move down if the 10-year Treasury continues to rise, it’s encouraging to see that the spread is almost back to normal levels.”

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Mortgage Rates Remain Flat