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Freddie: Drop in Mortgage Rates
By RISMedia Staff
RISMEDIA, Friday, February 07, 2020— The average 30-year, fixed mortgage rate tumbled to 3.45 percent this week, according to Freddie Mac's latest Primary Mortgage Market Survey® (PMMS®).
 
30-Year Fixed
  • Averaging 3.45 percent, with an average 0.7 point
  • Down from 3.51 percent the prior week and 4.41 percent the prior year 
15-Year Fixed
  • Averaging 2.97 percent, with an average 0.7 point
  • Down from 3 percent the prior week and 3.84 percent the prior year 
5-Year Adjustable
  • Averaging 3.32 percent, with an average 0.2 point
  • Up from 3.24 percent the prior week, but down from 3.91 percent the prior year 
"As rates fell for the third consecutive week, markets staged a rebound with increases in manufacturing and service sector activity," said Sam Khater, chief economist at Freddie Mac, in a statement. "The combination of very low mortgage rates, a strong economy and more positive financial market sentiment all point to home-purchase demand continuing to rise over the next few months."

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