Mortgage rates hardly moved this week, according to Freddie Mac’s Primary Mortgage Market Survey released Thursday.
“It’s Groundhog Day for mortgage rates, as they have remained virtually flat for over two months,” said Freddie Mac chief economist Sam Khater. “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.”
The 30-year fixed-rate mortgage has essentially remained unchanged in the past six weeks, dropping just two basis points to 2.86% for the week ending September 16. The benchmark home loan rate was 2.87% a year ago.