In its Primary Mortgage Market Survey, Freddie Mac (OTCQB:FMCC) indicated that the 30-year fixed-rate mortgage averaged 2.71% with an average 0.7 point for the week ending Dec. 3, 2020 (vs. 2.72% recorded in last week and 3.68% in year ago period), the lowest rate in the survey's history (1971).
- 5-year fixed-rate mortgage averaged 2.26% with an average 0.6 point, down from last week's 2.28% and 3.14% in year ago period.
- 5-year Treasury - indexed hybrid adjustable-rate mortgage averaged 2.86% with an average 0.3 point, down from last week's 3.16% and averaged 3.39% in year ago period.
- "Despite persistently low mortgage rates, home sales have hit a wall. While homebuyer appetite remains robust, the scarce inventory has effectively put a limit on how much higher sales can increase. Unfortunately, the record low supply combined with strong demand means home prices are rapidly escalating and eroding the benefits of the low mortgage rate environment," chief economist Sam Khater commented.
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