Mortgage Rates Center

Freddie Mac Primary Mortgage Market Survey 4/2/2020: The average U.S. rate for a 30-year fixed mortgage fell to 3.33% this week, as the Federal Reserve’s bond-buying program created demand for securities backed by home loans.

Together with the prior week’s drop, it was the largest two-week decline since December 2008 when the Fed shocked the financial world with its first-ever round of buying mortgage-backed securities. Back then, the Fed announced $600 billion in purchases of MBS. This time, the Fed said in a March 23 statement its budget was “unlimited.”

The Fed revived its bond-buying program on March 15 in an attempt to grease the wheels of the lending markets and prevent the type of credit crunch that devastated the mortgage industry more than a decade ago. This week’s 17 basis point drop in the average 30-year fixed rate indicates it’s working.

“That drop reflects improvements in market liquidity and sentiment,” said Sam Khater, Freddie Mac’s chief economist.

Freddie Mac PMMS 3/26/2020: The average U.S. fixed rate for a 30-year mortgage fell to 3.5% this week, representing the first decline in three weeks.

Freddie Mac PMMS 3/19/2020: The average U.S. fixed rate for a 30-year mortgage increased to 3.65% this week, as lenders seemingly inflated prices in an effort to deal with a surge in both refinance and purchase demand.

Freddie Mac PMMS 3/12/2020: The average U.S. fixed rate for a 30-year mortgage rose to 3.36% this week, reversing course from last week’s all-time low of 3.29%.

Freddie Mac PMMS 3/5/2020: The average U.S. rate for a 30-year fixed mortgage fell to 3.29% this week, the lowest ever recorded by Freddie Mac in a series that goes back to 1971. The rate fell 16 basis points from the prior week after the worst stock retreat since the 2008 financial crisis sent investors piling into the bond markets.

Freddie Mac PMMS 2/27/2020: The average U.S. fixed rate for a 30-year mortgage fell to 3.45% this week, matching the three-year low set three weeks ago.

Note: Optimal Blue mortgage rates in the top widget are based on actual rate lock transactions and therefore include borrowers across the credit spectrum. The Freddie Mac PMMS, along with other survey rates, generally provide the rates available to the best borrowers.

3d rendering of a row of luxury townhouses along a street

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