Mortgage rates stuck in a rut at 2.87%!
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%. By George Kromrei, Housingwire.