30-Year Mortgage Rate Drops Again, Down to 3.33%
“Rates dropped for the second week in a row due to “improvements in market liquidity and sentiment,” says Freddie Mac economist.” – FloridaRealtors.org
MCLEAN, Va. – Freddie Mac’s Primary Mortgage Market Survey for this week found declines for the second week in a row.
This week, the 30-year fixed-rate mortgage (FRM) averaged 3.33%, which is down from last week’s 3.5%. It averaged a 0.7 point for this week; a year ago, the 30-year FRM averaged 4.08%.
“Mortgage rates have drifted down for two weeks in a row and that drop reflects improvements in market liquidity and sentiment,” says Sam Khater, Freddie Mac’s chief economist.
Khater says the “market has stabilized relative to prior weeks (and) homebuyer demand has declined in response to current economic conditions. The good news is that the pending economic stimulus is on the way and will provide support for both consumers and businesses.”
The 15-year fixed-rate mortgage averaged 2.82% with an average 0.6 point, down from last week when it averaged 2.92%. A year ago at this time, the 15-year FRM averaged 3.56%.
Adjustable-rate mortgages (5-year Treasury-indexed hybrid ARM)) averaged 3.40% with an average 0.3 point, up from last week when it averaged 3.34%. A year ago at this time, the 5-year ARM averaged 3.66 percent.
© 2020 Florida Realtors® (All Credit to FloridaRealtors.org for this article)
