Mortgage Rates Remain at Record Lows in the Week Ending November 25th, 2020

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending November 25th, 2020. The PMMS shows that 30-year fixed-rate mortgage averaged 2.72% with an average 0.7 point, unchanged from the previous week. A year ago, at this time, the 30-year FRM averaged 3.68%. The 15-year fixed-mortgage averaged 2.28% with an average 0.6 point, unchanged from last week. A year ago, at this time, the 15-year FRM averaged 3.15%. In prepared remarks, Freddie Mac’s Chief Economist Sam Khater said, Mortgage rates remain at record lows and while that has fueled a refinance boom, it has been driven mainly by higher income borrowers. With about 20 million borrowers eligible to refinance, lower- and middle-income borrowers are leaving money on the table by not taking advantage of low rates. On the homebuying side, demand continues to surge, and it has created a seller’s market where inventory is at a record low and home prices are rising, beginning to offset the benefits of the low rates.”