Mortgage Rates Stagnant as Economy Slows; Home Price Growth Moderates: Freddie Mac
Originally published on September 23, 2021, by Angela Waugaman for Freddie Mac.
MCLEAN, Va., Sept. 23, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 2.88 percent.
“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 continued, “On the housing front, homebuyers continue to snap up available inventory, which has improved modestly, and home price growth is moderating. However, 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.”