According to Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 3.03 percent in the U.S., the lowest rate in the survey's history dating back to 1971.
"The summer is heating up as record low mortgage rates continue to spur homebuyer demand," said Sam Khater, Freddie Mac's Chief Economist. "However, it remains to be seen whether the demand will continue if COVID cases rise to the point that it hinders economic growth."
Freddie Mac News Facts
30-year fixed-rate mortgage averaged 3.03 percent with an average 0.8 point for the week ending July 9, 2020, down from 3.07 percent. A year ago at this time, the 30-year FRM averaged 3.75 percent.
15-year fixed-rate mortgage averaged 2.51 percent with an average 0.8 point, down from last week when it averaged 2.56 percent. A year ago at this time, the 15-year FRM averaged 3.22 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.02 percent with an average 0.3 point, up slightly from last week when it averaged 3.00 percent. A year ago at this time, the 5-year ARM averaged 3.46 percent.
Zillow is reporting this week that a rush of high-end homes hit the U.S. market in June 2020, reversing a trend that saw them drop the farthest and fastest when the coronavirus pandemic hit earlier this year.
According to the National Association of Realtors, U.S. pending home sales mounted a record comeback in May 2020, seeing encouraging contract activity after two previous months of declines brought on by the coronavirus pandemic.