TOL - Mortgage rates remain largely flat amid rebound in new COVID cases

“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. 30-year fixed-rate mortgage averaged 2.86% for the week ending Sep 16, down marginally from 2.88% in prior week and down from 2.87% averaged in same period a year ago, according to the Freddie Mac Primary Mortgage Survey. 15-year FRM averages 2.12% down from last week when it averaged 2.19% and down from 2.35% in year ago. 5-year Treasury-indexed hybrid adjustable rate mortgage averaged 2.51%, up from 2.42% in prior week, and lower from 2.96% a year ago. Khater further noted that “While our collective attention is on the pandemic, fundamental changes in the economy are occurring, such as increased migration, the extended

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Mortgage rates remain largely flat amid rebound in new COVID cases