Mortgage Rates Remain Relatively Flat
Freddie Mac (OTCQB: FMCC) reported the results of its Primary Mortgage Market Survey® (PMMS®) for the week ending September 9, 2021. The 30-year fixed-rate mortgage averaged 2.88%, slightly up from 2.87% the previous week. The 15-year fixed-rate mortgage averaged 2.19%, also up from 2.18% last week. Meanwhile, the 5-year Treasury-indexed ARM fell to 2.42%, down from 2.43%. The survey indicates that low mortgage rates provide consumers more time to search for homes, albeit amid economic challenges from rising COVID-19 cases impacting consumer confidence.
- 30-year fixed mortgage rates remain low at 2.88%, supporting homebuying.
- Stable mortgage rates provide consumers more time to find homes.
- Economic momentum has weakened due to rising COVID-19 cases, affecting employment and consumer confidence.
MCLEAN, Va., Sept. 09, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 2.88 percent.
“While the economy continues to grow, it has lost momentum over the last two months due to the current wave of new COVID cases that has led to weaker employment, lower spending and declining consumer confidence,” said Sam Khater, Freddie Mac’s Chief Economist. “Consequently, mortgage rates dropped early this summer and have stayed steady despite increases in inflation caused by supply and demand imbalances. The net result for housing is that these low and stable rates allow consumers more time to find the homes they are looking to purchase.”
News Facts
- 30-year fixed-rate mortgage averaged 2.88 percent with an average 0.7 point for the week ending September 9, 2021, up slightly from last week when it averaged 2.87 percent. A year ago at this time, the 30-year FRM averaged 2.86 percent.
- 15-year fixed-rate mortgage averaged 2.19 percent with an average 0.6 point, up slightly from last week when it averaged 2.18 percent. A year ago at this time, the 15-year FRM averaged 2.37 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.42 percent with an average 0.3 point, down slightly from last week when it averaged 2.43 percent. A year ago at this time, the 5-year ARM averaged 3.11 percent.
The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.
MEDIA CONTACT:
Angela Waugaman
703-714-0644
Angela_Waugaman@FreddieMac.com
A chart accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fe4442f5-f5e5-41ec-967b-23a6cd7dec2a
FAQ
What is the average 30-year fixed-rate mortgage for FMCC as of September 9, 2021?
How have mortgage rates for Freddie Mac changed compared to last week?
What economic factors are affecting Freddie Mac's mortgage rates?
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