MCLEAN, VA, Aug 19, 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 2.86%.
“Mortgage rates have remained relatively flat this week,” said Sam Hather, chief economist at Freddie Mac. “Housing is in the same phase of the economic cycle as many other consumer goods. Despite strong latent demand, low supply led to higher prices as the scarcity limits the volume of sales that would otherwise occur. ”
- Fixed rate mortgage for 30 years averaged 2.86 percent with an average of 0.7 points for the week ended Aug 19, 2021, slightly lower than last week, when it averaged 2.87 percent. A year ago at this time, the average FRM over 30 years was 2.99 percent.
- Mortgage with a fixed interest rate for 15 years on average 2.16% with an average of 0.6 points, slightly higher last week, when it averaged 2.15%. A year ago at this time, the 15-year average FRM was 2.54 percent.
- 5 Year Adjustable Rate Hybrid Mortgage Indexed by Treasury (ARM) averaged 2.43 percent with an average of 0.3 points, slightly lower than last week when it averaged 2.44 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 credit standing. Average commitment rates should be reported along with average commissions and points 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…
The accompanying table for this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e762d8cc-5241-47c8-a318-44d0c78fb4ad