Mortgage Rates Tick Up Slightly

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending June 4th, 2020. The PMMS shows that 30-year fixed-mortgage rate averaged 3.18% with an average 0.7 point for the week ending June 4, 2020, up from last week when it averaged 3.15%. A year ago, at this time, the 30-year FRM averaged 3.82%. The 15-year fixed-mortgage rate averaged 2.62% with an average 0.7 point, unchanged from last week. A year ago, at this time, the 15-year FRM averaged 3.28%. Freddie Mac’s Chief Economist Sam Khater, said in prepared remarks that, “While the economy is slowly rebounding, all signs continue to point to a solid recovery in home sales activity heading into the summer as prospective buyers jump back into the market. Low mortgage rates are a key factor in this recovery. While homebuyer demand is up and has been broad-based across most geographies, supply has been slower to improve. In fact, the gap between supply and demand has widened even further than the large gap that existed prior to the pandemic.”