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Thursday, April 29, 2021

Mortgage rates continue to remain below 3%

Freddie Mac (FMCC) (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 2.98 percent.

“In light of the rising COVID caseloads globally, U.S. Treasury (TSRMF) yields stopped moving up a month ago and have remained within a narrow range as the market digests incoming economic data,” said Sam Khater, Freddie Mac’s Chief Economist. “The good news is that with rates under three percent, refinancing continues to be attractive for many borrowers who financed before 2020. But, for eager buyers, especially first-time homebuyers, inventory continues to be extremely tight and competition for available homes to purchase remains high.”

News Facts

  • 30-year fixed-rate mortgage averaged 2.98 percent with an average 0.7 point for the week ending April 29, 2021, up slightly from last week when it averaged 2.97 percent. A year ago at this time, the 30-year FRM averaged 3.23 percent.
  • 15-year fixed-rate mortgage averaged 2.31 percent with an average 0.7 point, up from last week when it averaged 2.29 percent. A year ago at this time, the 15-year FRM averaged 2.77 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.64 percent with an average 0.3 point, down from last week when it averaged 2.83 percent. A year ago at this time, the 5-year ARM averaged 3.14 percent.

The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.Primary Mortgage Market Survey® 


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