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Mortgage Rates Drop Slightly

Mortgage rates, or interest rates on home loans, slipped slightly compared to last week, 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 2.86 percent for the week ending September 16, 2021, down from 2.88 percent last week. A year ago at this time, the average rate was 2.87 percent.

The 15-year FRM this week averaged 2.12 percent, down from 2.19 percent last week. A year ago at this time, the 15-year FRM averaged 2.35 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.51 percent, up from 2.42 percent last week. It was 2.96 percent a year ago.

"It's Groundhog Day for mortgage rates, as they have remained virtually flat for over two months. The holding pattern in rates reflects the markets' view that the prospects for the economy have dimmed somewhat due to the rebound in new COVID cases," said Sam Khater, Freddie Mac's Chief Economist. "While our collective attention is on the pandemic, fundamental changes in the economy are occurring, such as increased migration, the extended continuation of remote work, increased use of automation, and the focus on a more energy efficient and resilient economy. These factors will likely lead to significant investment and new post-pandemic economic models that will spur economic growth."

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