Mortgage rates remain at 2.88 percent

Blog Post Image
Real Estate

The average 30-year-fixed mortgage rose, ever so slightly, to 2.88% for the week ending Sept. 23, according to Freddie Mac‘s latest PMMS survey. Mortgage rates have been roughly flat for months now.

“The slowdown in economic growth around the world has caused a flight to the quality of the U.S. financial markets,” said Sam Khater, Freddie Mac’s chief economist. “This has led to a rise in foreign investor purchases of U.S. Treasuries, causing mortgage rates to remain in place, despite the increasing dispersion of inflation across different consumer goods and services.”

Khater said that homebuyers are soaking up all available inventory, which has improved slightly, while home-price growth is also moderating. But what little progress builders have made may falter in the months to come, Khater said.

“The next few months will be choppy as several home builders are signaling that they are going to deliver less supply amid labor and materials shortages,” Khater said.

The previous week, mortgage rates were flat at 2.86%, moving in line with the 10-year Treasury Yield Curve, which has been steady at around 1.32 for the past two weeks. The 10-year Treasury Yield for Sept. 22 was 1.32.

Find more information here: https://www.housingwire.com/articles/mortgage-rates-continue-to-idle-at-2-88/