LGIH - Mortgage rates inch marginally higher September rates seen around or below 3%

"While the economy continues to grow, it has lost momentum over the last two months due to the current wave of new COVID cases that has led to weaker employment, lower spending and declining consumer confidence," Freddie Mac’s Chief Economist Sam Khater commented. 30-year fixed-rate mortgage averaged 2.88% for the week ending Sep 9, up from 2.87% in prior week and up from 2.86% averaged in same period a year ago, according to the Freddie Mac Primary Mortgage Survey. 15-year FRM averages 2.19% marginally up from last week when it averaged 2.18% and down from 2.42% in year ago. 5-year Treasury-indexed hybrid adjustable rate mortgage averaged 2.42%, down from 2.43% in prior week, and lower from 3.11% a year ago. "Consequently, mortgage rates dropped early this summer and have stayed steady despite increases in inflation caused by supply and demand imbalances. The net result for housing is that these low and stable rates allow consumers more time to find the homes they

For further details see:

Mortgage rates inch marginally higher, September rates seen around or below 3%