Mortgage Rates Set New Record Lows in the Week Ending 19th November 2020

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending 12th November 2020. The PMMS shows that 30-year fixed-rate mortgage averaged 2.72% with an average 0.7 point, down from last week when it averaged 2.84%. A year ago, at this time, the 30-year FRM averaged 3.66%. The 15-year fixed-mortgage averaged 2.28% with an average 0.6 point, down from last week when it averaged 2.34% percent. A year ago, at this time, the 15-year FRM averaged 3.15%. In prepared remarks, Freddie Mac’s Chief Economist Sam Khater said, “Weaker consumer spending data, which accounts for the majority of economic growth, drove mortgage rates to a new record low. While economic growth remains unstable, strong housing demand continues to have a domino effect on many other segments of the economy.”