Mortgage Rates Remain Steady
“The year-long slide in mortgage rates seems to be ending as rates have flattened over the last month and the economic rebound has slowed,” said Sam Khater, Freddie Mac’s Chief Economist. “But with near record-low rates, buyer demand remains robust with strong first-time buyers coming into the market. The demand is particularly strong in more affordable regions of the country such as the Midwest, where home prices are accelerating at the highest rates over the last two decades.”
- 30-year fixed-rate mortgage averaged 2.87 percent with an average 0.8 point for the week ending October 8, 2020, slightly down from last week when it averaged 2.88 percent. A year ago at this time, the 30-year FRM averaged 3.57 percent.
- 15-year fixed-rate mortgage averaged 2.37 percent with an average 0.7 point, slightly up from last week when it averaged 2.36 percent. A year ago at this time, the 15-year FRM averaged 3.05 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.89 percent with an average 0.2 point, slightly down from last week when it averaged 2.90 percent. A year ago at this time, the 5-year ARM averaged 3.35 percent.
The PMMS® is focused on conventional, conforming, fully-amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit.