Mortgage rates drop to another all-time low

mortgage rates

MCLEAN, Va.— Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) Thursday, showing that the 30-year fixed-rate mortgage (FRM) averaged 2.81%, the lowest rate in the survey’s history which dates back to 1971.

“Low mortgage rates have become a regular occurrence in the current environment,” said Sam Khater, Freddie Mac’s chief economist. “As we hit yet another record low, the tenth record this year, many people are benefitting as refinance activity remains strong. However, it’s important to remember that not all people are able to take advantage of low rates given the effects of the pandemic.”

  • 30-year fixed-rate mortgage averaged 2.81% with an average 0.6 point for the week ending October 15, 2020, down from last week when it averaged 2.87%. A year ago at this time, the 30-year FRM averaged 3.69%.
  • 15-year fixed-rate mortgage averaged 2.35% with an average 0.5 point, down from last week when it averaged 2.37 percent. A year ago at this time, the 15-year FRM averaged 3.15%.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.90% with an average 0.2 point, slightly down from last week when it averaged 2.89 percent. A year ago at this time, the 5-year ARM averaged 3.35%.

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