Freddie Mac’s Primary Mortgage Market Survey (PMMS) results show that the 30-year fixed-rate mortgage (FRM) averaged 2.87% for the week ending September 2.
“Economic growth and the acceleration in inflation have moderated in the last month, giving the markets comfort and leading to a stabilization in mortgage rates,” says Sam Khater, Freddie Mac’s chief economist. “Heading into the fall, home purchase demand is stable, home sales remain firm and above pre-pandemic levels, and inventory of unsold homes is tight but improving modestly. These factors will allow for home price pressures to ease over the remainder of the year.”
The 30-year fixed-rate mortgage averaged 2.87% with an average 0.6 point for the week, unchanged from last week. A year ago at this time, the 30-year FRM averaged 2.93%.
The 15-year fixed-rate mortgage averaged 2.18% with an average 0.6 point, up slightly from last week, when it averaged 2.17%. A year ago at this time, the 15-year FRM averaged 2.42%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.43% with an average 0.3 point, up slightly from last week, when it averaged 2.42%. A year ago at this time, the five-year ARM averaged 2.93%.