Mortgage Rates Hold Steady

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Mortgage rates held steady this week, according to Freddie Mac’s Primary Mortgage Market Survey.

The average rate for a 30-year fixed-rate mortgage (FRM) was 3.33%, unchanged from last week but down from 4.12% a year ago.

The average rate for a 15-year fixed-rate mortgage was 2.77%, down from 2.82% last week and down from 3.60% a year ago.

“While mortgage rates remained flat over the last week, there is room for rates to move down,” says Sam Khater, chief economist for Freddie Mac, in a statement. “This year the 10-year Treasury market has declined by over a full percentage point, yet mortgage rates have only declined by one-third of a point. As financial markets continue to heal, we expect mortgage rates will drift lower in the second half of 2020.”

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.40%, unchanged from last week but down from 3.80% a year ago.

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