Freddie Mac has reported the results of its Primary Mortgage Market Survey®. The weekly average rate for new mortgages, as of 16th April 2020 were slightly lower. A 30-year fixed rate mortgage averaged 3.31% with an average 0.7 points, was down from last week when it averaged 3.33%. A year ago, at this time, the 30-year FRM averaged 4.17%. A 15-year fixed mortgage averaged 2.80% with an average 0.7 point, was up from last week when it averaged 2.77% A year ago at this time, the 15-year FRM averaged 3.62%. In prepared remarks Sam Khater, Freddie Mac’s Chief Economist said “Mortgage rates continue to hover near all-time lows for the third straight week. As a result, refinance activity remains high, but home purchase demand is weak due to economic tightening.”
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