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PMMS 9/2/2021

The average 30-year fixed-rate mortgage was flat at 2.87% for the week ending in Sept. 2, according to mortgage rates data released Thursday by Freddie Mac‘s PMMS.

The week prior, mortgage rates also held steady at 2.87%. This week’s near-constant mortgage rates tracked with the 10-year Treasury yield, which has hovered around 1.30 for the past week. The 10-year Treasury yield for Sept. 1 was 1.31.

According to Sam Khater, chief economist at Freddie Mac, mortgage rates have held steady as economic growth and rising prices in goods have cooled. He predicted that those factors will also moderate home-price growth.

“Economic growth and the acceleration in inflation have moderated in the last month, giving the markets comfort and leading to a stabilization in mortgage rates,” said Khater. “Heading into the fall, home purchase demand is stable, home sales remain firm and above pre-pandemic levels, and inventory of unsold homes is tight but improving modestly. These factors will allow for home price pressures to ease over the remainder of the year.”

A year ago at this time, the 30-year fixed-rate mortgage averaged 2.93%. The 15-year fixed-rate mortgage rose slightly from the week prior, again, at 2.18%.

MBA 9/1/2021

Mortgage applications dipped 2.4% for the week ending Aug. 27, with a notable drop in refinance applications.

On an unadjusted basis, the weekly mortgage application survey by the trade organization decreased 3% compared to the prior week. The refinance index fell 4% but was still higher than it was a year ago. The seasonally adjusted purchase index dropped 2% compared to the previous week and was 16% lower than it was a year ago, largely due to soaring prices and paltry inventory.

Unlike prior weeks, there was little movement of mortgage rates or Treasury spreads. The 30-year-fixed-rate mortgage stayed at 3.03%.

“Despite low rates, refinance applications declined, with some borrowers still waiting for rates to drop even lower. Recent uncertainty around the economy and pandemic have kept rates low over the past month, which is why the refinance index has oscillated around these levels,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. “Even with a slight increase, purchase activity hit its highest level since early July, as applications for conventional and government loans increased.”

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