Mortgage Rates Set Another New Record Low Level in the Week Ending 24th December 2020

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 24th December 2020. The PMMS shows that 30-year fixed-rate mortgage averaged 2.66% with an average 0.7 point down from last week when it averaged 2.67% percent. A year ago, at this time, the 30-year FRM averaged 3.74%. The 30-year fixed rate of 2.66% level is the lowest level since in the history of the Freddie Mac survey, which dates back to 1971. The 15-year fixed-mortgage averaged 2.19% with an average 0.5 point, down from last week when it averaged 2.21%. A year ago, at this time, the 15-year FRM averaged 3.19%. In prepared remarks, Freddie Mac’s Chief Economist Sam Khater said, “The housing market is poised to finish the year strong as low mortgage rates continue to fuel homebuyer demand and refinance activity. Moving into 2021, we expect rates to hold steady but the key driver in the near term will be the trajectory of the COVID-19 pandemic and the execution of the vaccine.”