Mortgage rates hover near all-time low

30-year fixed-rate mortgage averages 2.87% for the week ending Sept. 17, 2020, a tick up from 2.86% in the previous week and down from 3.73% a year ago, according to the Freddie Mac Primary Mortgage Market Survey.

"Despite the recession, the very low mortgage environment has spurred many first-time homebuyers to jump into the real estate market," said Sam Khater, Freddie Mac’s Chief Economist. "In August, first-time homebuyer activity rose 19% from July to the highest monthly level ever for Freddie Mac."

15-year FRM averages 2.35% vs. 2.37% in the previous week and 3.21% a year ago.

5-year Treasury-indexed hybrid adjustable rate mortgage averages 2.96% vs. 3.11% a week earlier and 3.49% a year ago.

Even as mortgage rates hold near historic lows, homebuilder stocks fall; that could be more a result of housing starts falling more than expected in August.