Mortgage Rates Creep Closer To 3% Mark

Mortgage rates going down. Photo Credit: iStock.com/Andrii Yalanskyi

Freddie Mac's Primary Mortgage Market Survey (PMMS) revealed that the 30-year fixed-rate mortgage has hit an average of 3.07% heading into the holiday weekend, the lowest rate in the history of the data series which dates back to 1971.

Navi Persaud
 & 
July 2, 2020

Freddie Mac's Primary Mortgage Market Survey (PMMS) revealed that the 30-year fixed-rate mortgage has hit an average of 3.07% heading into the holiday weekend, the lowest rate in the history of the data series which dates back to 1971.

"Mortgage rates continue to slowly drift downward with a distinct possibility that the average 30-year fixed-rate mortgage could dip below 3.0% later this year," said Sam Khater, Freddie Mac’s chief economist. "On the economic front, incoming data suggest the rebound in economic activity has paused in the last couple of weeks with modest declines in consumer spending and a pullback in purchase activity."

Click here to read more from the latest PMMS.

This article originally appeared in the National Mortgage Professional print magazine.

Navi is the Director of Online Content for American Business Media in West Hartford, Conn.

Navi is the Director of Online Content for American Business Media in West Hartford, Conn.

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Mortgage Rates Creep Closer To 3% Mark
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Mortgage Rates Creep Closer To 3% Mark

July 2, 2020
by
Navi Persaud

Freddie Mac's Primary Mortgage Market Survey (PMMS) revealed that the 30-year fixed-rate mortgage has hit an average of 3.07% heading into the holiday weekend, the lowest rate in the history of the data series which dates back to 1971.

"Mortgage rates continue to slowly drift downward with a distinct possibility that the average 30-year fixed-rate mortgage could dip below 3.0% later this year," said Sam Khater, Freddie Mac’s chief economist. "On the economic front, incoming data suggest the rebound in economic activity has paused in the last couple of weeks with modest declines in consumer spending and a pullback in purchase activity."

Click here to read more from the latest PMMS.

Written by 
Navi Persaud

Navi is the Director of Online Content for American Business Media in West Hartford, Conn.

npersaud@ambizmedia.com

These articles are powered by National Mortgage Professional

Freddie Mac's Primary Mortgage Market Survey (PMMS) revealed that the 30-year fixed-rate mortgage has hit an average of 3.07% heading into the holiday weekend, the lowest rate in the history of the data series which dates back to 1971.

"Mortgage rates continue to slowly drift downward with a distinct possibility that the average 30-year fixed-rate mortgage could dip below 3.0% later this year," said Sam Khater, Freddie Mac’s chief economist. "On the economic front, incoming data suggest the rebound in economic activity has paused in the last couple of weeks with modest declines in consumer spending and a pullback in purchase activity."

Click here to read more from the latest PMMS.

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