Freddie Mac’s latest Primary Mortgage Market Survey (PMMS®) showed rates remain virtually unchanged this past week.
The rate on a 30-day fixed rate mortgage averaged 2.87%, the same as last week and lower than the 2.93% average a year ago.
Rates on 15-year fixed-rate mortgages averaged 2.18%, nearly identical to the 2.17% rate in the previous week. Fifteen-year rates averaged 2.42% a year earlier.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 2.43%, up from 2.42% last week and lower than the 2.93% rate a year earlier.
“Economic growth and the acceleration in inflation have moderated in the last month, giving the markets comfort and leading to a stabilization in mortgage rates,” said Sam Khater, chief economist at Freddie Mac.
“Heading into the fall, home purchase demand is stable, home sales remain firm and above pre-pandemic levels, and inventory of unsold homes is tight but improving modestly. These factors will allow for home price pressures to ease over the remainder of the year.”
The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit, published weekly since 1971.