TPH - Mortgage rates tick up but housing demand remains strong

30-year fixed-rated mortgage averages 2.90% for the week ending Sept. 24, 2020, up from 2.87% in the prior week and vs. 3.64% at this time a year ago, according to the Freddie Mac Primary Mortgage Market Survey."Mortgage rates set several record lows over the last few months and have remained low into September," said Freddie Chief Economist Sam Khater. "While there is room for rates to decrease even more, higher home prices and low inventory could potentially stifle the high demand that we’ve been seeing."15-year FRM averages 2.40% vs. 2.35% in the prior week and 3.16% a year ago.5-year Treasury-indexed hybrid adjustable rate mortgage averages 2.90% in the previous week and 3.38% a year ago.By most accounts, demand for home sales remain robust, with August new homes sales at an annual rate of 1.01M easily beating expectations.Most homebuilders rise, with the iShares U.S. Home Construction ETF (ITB) up 0.9%. By name,

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Mortgage rates tick up but housing demand remains strong