Mortgage rates stay low, not likely to fall much more in coming weeks

30-year fixed-rate mortgage averages 2.93% for the week ending Sept. 3, 2020, up from 2.91% in the previous week, according to the Freddie Mac Primary Mortgage Market Survey.

Compares with 3.49% a this time a year ago.

Freddie Chief Economist Sam Khater points out that the 10-year Treasury rate has "increased modestly" over the past month while mortgage spreads have declined. "Spreads may decline even further but the rise in Treasury rates will make it difficult for mortgage rates to fall much more over the next few weeks," he said.

15-year FRM averages 2.42% vs. 2.46% in the prior week and 3.00% a year ago.

5-year Treasury-indexed hybrid adjustable rate mortgage averages 2.93% vs. 2.91% a week earlier and 3.30% a year ago.