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Mortgage Rates Hit Record Low at Yearend

Mon, 28 December 2020  |  interest rates mortgage 

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 2.66 percent, the lowest rate in the survey’s history which dates back to 1971.

“The housing market is poised to finish the year strong as low mortgage rates continue to fuel homebuyer demand and refinance activity,” said Sam Khater, Freddie Mac’s Chief Economist. “Moving into 2021, we expect rates to hold steady but the key driver in the near term will be the trajectory of the COVID-19 pandemic and the execution of the vaccine.”

• 30-year fixed-rate mortgage averaged 2.66 percent with an average 0.7 point for the week ending December 24, 2020, down from last week when it averaged 2.67 percent. A year ago at this time, the 30-year FRM averaged 3.74 percent.
• 15-year fixed-rate mortgage averaged 2.19 percent with an average 0.5 point, down from last week when it averaged 2.21 percent. A year ago at this time, the 15-year FRM averaged 3.19 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.79 percent with an average 0.2 point, unchanged from last week. A year ago at this time, the 5-year ARM averaged 3.45 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.

Source: http://www.globenewswire.com/news-release/2020/12/24/2150517/0/en/Mortgage-Rates-Hit-Record-Low-at-Yearend.html