Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.47 percent. That’s up .7 points for the week but still down almost a full point year over year.
“With mortgage rates hovering near a five-decade low,refinance application activity is once again surging, rising to the highest level in seven years,” said Sam Khater, Freddie Mac’s chief economist. “This surge coupled with strong purchase activity means that total mortgage demand remains robust, reflective of a solid economic backdrop and a very low mortgage rate environment.”
The 30-year fixed-rate mortgage averaged 3.47 percent with an average 0.7 point for the week ending February 13, 2020, slightly up from last week when it averaged 3.45 percent. A year ago, at this time, the 30-year FRM averaged 4.37 percent.
The 15-year fixed-rate mortgage averaged 2.97 percent with an average 0.8 point, unchanged from last week. A year ago, at this time, the 15-year FRM averaged 3.81 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage(ARM) averaged 3.28 percent with an average 0.3 point, slightly down from last week when it averaged 3.32 percent. A year ago, at this time, the 5-year ARM averaged 3.88 percent.
Read more about the primary mortgage market survey.