Categories: Real Estate

Mortgage Rates Generally Hold Steady

MCLEAN, Va. — Freddie Mac Thursday released the results of its Primary Mortgage Market Survey, showing that the 30-year fixed-rate mortgage (FRM) averaged 2.87 percent.

“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.”

News Facts

  • 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.
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