MCLEAN, Virginia, July 01, 2021 (GLOBE NEWSWIRE) – Freddie mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year Fixed Rate Mortgage (FRM) averaged 2.98%.
“Economic growth remains stable and supports more segments of the economy,” said Sam Khater, chief economist at Freddie Mac. “While low and stable mortgage rates have kept the housing market booming in recent months, a deterioration in affordability and inventory for sale has caused the market to slow.”
- 30 year fixed rate mortgage averaging 2.98% with an average of 0.6 points for the week ending July 1, 2021, down from last week when it averaged 3.02%. Around the same time a year ago, the 30-year FRM averaged 3.07%.
- 15 year fixed rate mortgage on average 2.26% with an average of 0.7 points, down from last week when it was on average 2.34%. Around the same time a year ago, the 15-year FRM averaged 2.56 percent.
- 5-year Treasury-indexed variable-rate hybrid mortgage (ARM) averaged 2.54% with an average of 0.3 points, up slightly from last week when it averaged 2.53%. A year ago at this time, the 5-year MRA was on average 3.00%.
PMMS focuses on conventional, compliant, fully amortizing home purchase loans for borrowers who have put 20% down and have excellent credit. Average engagement rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers can still pay closing costs that are not included in the survey.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our inception by Congress in 1970, we’ve made housing more accessible and affordable for buyers and renters in communities across the country. We are building a better housing finance system for buyers, tenants, lenders, investors and taxpayers. Learn more on FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.
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