Mortgage Rates Set Another New Record Lows in the Week Ending 3rd December 2020

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 3^rd December 2020. The PMMS shows that 30-year fixed-rate mortgage averaged 2.71% with an average 0.7 point, down from last week when it averaged 2.72%. A year ago, at this time, the 30-year FRM averaged 3.68%. The 15-year fixed-mortgage averaged 2.26% with an average 0.6 point, down from last week when it averaged 2.28%. A year ago, at this time, the 15-year FRM averaged 3.14%. In prepared remarks, Freddie Mac’s Chief Economist Sam Khater said, “Despite persistently low mortgage rates, home sales have hit a wall. While homebuyer appetite remains robust, the scarce inventory has effectively put a limit on how much higher sales can increase. Unfortunately, the record low supply combined with strong demand means home prices are rapidly escalating and eroding the benefits of the low mortgage rate environment.”