Mortgage Rates Remain Relatively Flat

(RTTNews) - Mortgage rates, or interest rates on home loans, remained relatively flat and continues to hover at record lows, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 2.93 percent for the week ending September 4, 2020, up from 2.91 percent last week. A year ago at this time, the average rate was 3.49 percent.

The 15-year FRM this week averaged 2.42 percent, down from 2.46 percent last week. A year ago at this time, the 15-year FRM averaged 3.00 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.93 percent, up from 2.91 percent last week. It was 3.30 percent a year ago.

"Mortgage rates have remained effectively flat or at near record lows for the last month," said Sam Khater, Freddie Mac's Chief Economist. "However, there are some interesting compositional shifts as the 10-year Treasury rate has increased modestly over the past month while mortgage spreads have declined. Spreads may decline even further but the rise in Treasury rates will make it difficult for mortgage rates to fall much more over the next few weeks."