Freddie Mac’s most recent Primary Mortgage Market Survey shows average fixed-mortgage rates moved slightly lower for the week ending Sept. 8, helping to spur ongoing refinance activity.
“The 30-year fixed-rate mortgage fell 2 basis points to 3.44 percent this week,” says Freddie Mac Chief Economist Sean Becketti. “As mortgage rates continue to range between 3.41 and 3.48 percent, many are taking advantage of the historically low rates by refinancing. Since the Brexit vote, the refinance share of mortgage activity has remained above 60 percent.”
Here’s a snapshot of Freddie Mac’s survey findings:
- The 30-year fixed-rate mortgage averaged 3.44 percent, with an average 0.6 point for the week, down from the previous week when it averaged 3.46 percent. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.90 percent.
- The 15-year fixed-rate mortgage averaged 2.76 percent, with an average 0.5 point, down from the previous week when it averaged 2.77 percent. A year ago at this time, the 15-year fixed-rate mortgage averaged 3.10 percent.
- The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.81 percent, with an average 0.4 point, down from the previous week when it averaged 2.83 percent. A year ago, the five-year adjustable-rate mortgage averaged 2.91 percent.