Rate for the 30-year mortgage goes back up but remain below 3%
Mortgage rates climbed for the second consecutive week – still building up demand that continues to support the US economy through the coronavirus recession.
The 30-year fixed-rate mortgage (FRM) hovered below 3%, up from last week's 2.96% to 2.99%, according to the Freddie Mac Primary Mortgage Market Survey (PMMS).
The average rates for 15-year mortgages and 5-year Treasury-indexed hybrid adjustable-rate mortgages (ARM) also edged up this week.
The 15-year FRM rose slightly from 2.46% to an average of 2.54%, while the 5-year ARM averaged 2.91% – up from 3.32% the week before.
"Purchase housing demand continues to accelerate, ultimately providing support to an economy that otherwise has stagnated," said Sam Khater, Freddie Mac's chief economist. "The surge in sales led to a rapid increase in the demand for remodeling and home furnishings as consumers look to renovate while adjusting to home life during COVID."
