Freddie Mac today released the results of its Primary Mortgage Market Survey®, showing that the 30-year fixed rate mortgage (FRM) averaged 2.86 percent.
“It’s Groundhog Day for mortgage rates, as they have remained virtually flat for over two months. The holding pattern in rates reflects the markets’ view that the prospects for the economy have dimmed somewhat due to the rebound in new COVID cases,” said Sam Khater, Freddie Mac’s Chief Economist.
“While our collective attention is on the pandemic, fundamental changes in the economy are occurring, such as increased migration, the extended continuation of remote work, increased use of automation, and the focus on a more energy efficient and resilient economy. These factors will likely lead to significant investment and new post-pandemic economic models that will spur economic growth.”
Mortgage Rates, as of September 16, 2021:
- The 30-year fixed-rate mortgage averaged 2.86 percent with an average 0.7 point for the week ending September 16, 2021, down slightly from last week when it averaged 2.88 percent. A year ago at this time, the 30-year FRM averaged 2.87 percent.
- The 15-year fixed-rate mortgage averaged 2.12 percent with an average 0.6 point, down from last week when it averaged 2.19 percent. A year ago at this time, the 15-year FRM averaged 2.35 percent.
The PMMS® is focused on conventional, conforming, fully-amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Borrowers may still pay closing costs which are not included in the survey.
So what does that mean for you? Securing even a fraction of a percentage lower interest rate on your mortgage can save you tens of thousands of dollars over the life of your loan. And as the country (and the economy) recovers from the Coronavirus pandemic, potential buyers could see mortgage rates drop even lower than they are today — making 2021 a great time to invest and buy a new home.