Mortgage rates are generally stable

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McLean, VA, Aug 26, 2021 (GLOBE NEWSWIRE) – Freddie Mac (OTCQB: FMCC) released the results of its Initial research of the mortgage market® (PMMS®), showing that 30-year fixed rate mortgages (FRM) averaged 2.87 percent.

“The tug of war between the economic recovery and the rise in COVID-19 cases has caused mortgage rates to move sideways in the past few weeks,” said Sam Hather, chief economist at Freddie Mac. “In general, rates remain low, opening a window of opportunity for those who have not refinanced rates below three percent. From a homebuyer’s perspective, demand for bids is on the rise, but the main obstacle to increasing home sales remains the very low level of inventory that can be purchased by consumers. ”

News Facts

  • Fixed rate mortgage for 30 years averaged 2.87 percent, and 0.6 points for the week ended Aug 26, 2021, slightly higher than last week, when it averaged 2.86 percent. A year ago at this time, the average FRM over 30 years was 2.91 percent.
  • Mortgage with a fixed interest rate for 15 years an average of 2.17 percent with an average of 0.6 points, slightly higher last week when it averaged 2.16 percent. A year ago at this time, the 15-year average FRM was 2.46%.
  • 5 Year Adjustable Rate Hybrid Mortgage Indexed by Treasury (ARM) averaged 2.42 percent with an average of 0.2 points, slightly lower than last week when it averaged 2.43 percent. A year ago at this time, the average for a 5-year-old ARM was 2.91%.

PMMS® is focused on conventional, appropriate, fully repayable home loans for borrowers who have invested 20 percent and have excellent creditworthiness. Average commitment rates, as well as average fees and points, should be reported to reflect the total initial cost of obtaining the mortgage. Visit the following link for Definitions… Borrowers may still pay closing costs that are not included in the survey.

Freddie Mac makes home construction possible for millions of families and individuals by providing mortgage capital to lenders. Since our inception by Congress in 1970, we have made housing more affordable and affordable for home buyers and renters in communities across the country. We create the best home finance system for home buyers, tenants, lenders, investors and taxpayers. Find out more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog

MEDIA CONTACTS:
Angela Vogaman
703-714-0644
Angela_Waugaman@FreddieMac.com

The accompanying table for this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/83d1a4f2-9080-4b3a-b7a8-908da3b5abdc



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