The economy appears balanced if mortgage rates are an accurate reflection. This week’s average 30-year, fixed-rate loan rose only slightly from last week’s 2.87%.
MCLEAN, Va. – Freddie Mac’s weekly mortgage rate survey found little movement. The 30-year fixed-rate mortgage (FRM) averaged 2.88%, virtually the same as last week’s 2.87% – and for that matter, virtually the same as the 2.86% one year ago.
“While the economy continues to grow, it has lost momentum over the last two months due to the current wave of new COVID cases that has led to weaker employment, lower spending and declining consumer confidence,” says Sam Khater, Freddie Mac’s chief economist.
“Consequently, mortgage rates dropped early this summer and have stayed steady despite increases in inflation caused by supply and demand imbalances.”
Khater says the low-and-stable rates give buyers “more time to find the homes they are looking to purchase.”
Average mortgage rates on Sept. 9, 2021
- The 30-year fixed-rate mortgage averaged 2.88% with an average 0.7 point, up slightly from last week’s average 2.87%. A year ago, the 30-year FRM averaged 2.86%.
- The 15-year fixed-rate mortgage averaged 2.19% with an average 0.6 point, up slightly from last week’s 2.18%. A year ago, the 15-year FRM averaged 2.37%.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.42% with an average 0.3 point, down slightly from last week’s 2.43%. A year ago, the 5-year ARM averaged 3.11%.
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Author: kerrys