Mortgage Rates Stay Flat

Rhea-AI Summary

Freddie Mac (OTCQB: FMCC) reported that the 30-year fixed-rate mortgage averaged 2.87% for the week ending September 2, 2021, unchanged from last week. The 15-year fixed-rate mortgage averaged 2.18%, while the 5-year Treasury-indexed ARM averaged 2.43%. Economic growth and inflation have stabilized, contributing to steady home purchase demand and firm home sales above pre-pandemic levels. Unsold home inventory is tight but improving, leading to eased home price pressures over the year.

Positive

• Mortgage rates stable with 30-year fixed at 2.87%.
• Home purchase demand remains steady.
• Home sales are firm and above pre-pandemic levels.
• Improving inventory of unsold homes may ease price pressures.

Negative

• None.

MCLEAN, Va., Sept. 02, 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 2.87 percent.

“Economic growth and the acceleration in inflation have moderated in the last month, giving the markets comfort and leading to a stabilization in mortgage rates,” said Sam Khater, Freddie Mac’s Chief Economist. “Heading into the fall, home purchase demand is stable, home sales remain firm and above pre-pandemic levels, and inventory of unsold homes is tight but improving modestly. These factors will allow for home price pressures to ease over the remainder of the year.”

News Facts

• 30-year fixed-rate mortgage averaged 2.87 percent with an average 0.6 point for the week ending September 2, 2021, unchanged from last week. A year ago at this time, the 30-year FRM averaged 2.93 percent.
• 15-year fixed-rate mortgage averaged 2.18 percent with an average 0.6 point, up slightly from last week when it averaged 2.17 percent. A year ago at this time, the 15-year FRM averaged 2.42 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.43 percent with an average 0.3 point, up slightly from last week when it averaged 2.42 percent. A year ago at this time, the 5-year ARM averaged 2.93 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 photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1aca2ca9-4b6a-4df4-a851-ce20dbe364fa

FAQ

What is the current average rate for a 30-year fixed mortgage according to FMCC?

As of September 2, 2021, the average rate for a 30-year fixed-rate mortgage is 2.87%.

How did the 30-year fixed mortgage rate change from the previous week?

The 30-year fixed mortgage rate remained unchanged at 2.87% from the previous week.

What is the average rate for a 15-year fixed-rate mortgage as reported by FMCC?

The average rate for a 15-year fixed-rate mortgage is 2.18%.

How does the current mortgage rate compare to last year?

A year ago, the 30-year fixed mortgage rate averaged 2.93%.