Mortgage Rates Tick Up As Pandemic Continues

MCLEAN, Va. — Freddie Mac Thursday released the results of its Primary Mortgage Market Survey, showing that the 30-year fixed-rate mortgage (FRM) averaged 2.90 percent.

“Mortgage rates set several record lows over the last few months and have remained low into September,” said Sam Khater, Freddie Mac’s Chief Economist. “While there is room for rates to decrease even more, higher home prices and low inventory could potentially stifle the high demand that we’ve been seeing.”

News Facts

• 30-year fixed-rate mortgage averaged 2.90 percent with an average 0.8 point for the week ending September 24, 2020, up from last week when it averaged 2.87 percent. A year ago at this time, the 30-year FRM averaged 3.64 percent.

• 15-year fixed-rate mortgage averaged 2.40 percent with an average 0.7 point, up from last week when it averaged 2.35 percent. A year ago at this time, the 15-year FRM averaged 3.16 percent.

• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.90 percent with an average 0.2 point, down from last week when it averaged 2.96 percent.  A year ago at this time, the 5-year ARM averaged 3.38 percent.