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.”
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