Refinance Surging - Rates Remain Low
Tuesday, February 18, 2020
Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) last week, showing that the 30-year fixed-rate mortgage (FRM) averaged 3.47 percent.
“With mortgage rates hovering near a five-decade low, refinance application activity is once again surging, rising to the highest level in seven years,” said Sam Khater, Freddie Mac’s Chief Economist. “This surge coupled with strong purchase activity means that total mortgage demand remains robust, reflective of a solid economic backdrop and a very low mortgage rate environment.”
- 30-year fixed-rate mortgage averaged 3.47 percent with an average 0.7 point for the week ending February 13, 2020, slightly up from the prior week when it averaged 3.45 percent. A year ago at this time, the 30-year FRM averaged 4.37 percent.
- 15-year fixed-rate mortgage averaged 2.97 percent with an average 0.8 point, unchanged from the prior week. A year ago at this time, the 15-year FRM averaged 3.81 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.28 percent with an average 0.3 point, slightly down from the prior week when it averaged 3.32 percent. A year ago at this time, the 5-year ARM averaged 3.88 percent.