“Despite the recession, the very low mortgage environment has spurred many first-time homebuyers to jump into the real estate market,” said Sam Khater, Freddie Mac’s Chief Economist. “In August, first-time homebuyer activity rose 19 percent from July to the highest monthly level ever for Freddie Mac. The first-time homebuyer driven rebound in the housing market has come at a critical time for the economy.”
- 30-year fixed-rate mortgage averaged 2.87 percent with an average 0.8 point for the week ending September 17, 2020, up slightly from last week when it averaged 2.86 percent. A year ago at this time, the 30-year FRM averaged 3.73 percent.
- 15-year fixed-rate mortgage averaged 2.35 percent with an average 0.8 point, down from last week when it averaged 2.37 percent. A year ago at this time, the 15-year FRM averaged 3.21 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.96 percent with an average 0.3 point, down from last week when it averaged 3.11 percent. A year ago at this time, the 5-year ARM averaged 3.49 percent.