New month, another new record.
The 30-year fixed-rate mortgage dropped to its lowest level in history again this week, according to Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday.
The survey found:
- The 30-year fixed-rate mortgage averaged 2.71 percent with an average 0.7 point for the week ending December 3, 2020, down from last week’s 2.72 percent and last year’s 3.68 percent.
- The 15-year fixed-rate mortgage averaged 2.26 percent with an average 0.6 point, down from last week’s 2.28 percent and last year’s 3.14 percent.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.86 percent with an average 0.3 point, down from last week’s when it averaged 3.16 percent and last year’s 3.39 percent.
“Despite persistently low mortgage rates, home sales have hit a wall,” Freddie Mac Chief Economist Sam Khater said. “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.”