Mortgage Rates Moved Higher Last Week

Freddie Mac released the Prime Mortgage Market Survey (PMMS) showing average mortgage interest rates for LAST WEEK. Yes…last week’s mortgage rates are old news but this does illustrate where rates have BEEN and what direction they may be moving.
Inflation is the biggest culprit for driving mortgage rates higher. Mortgage interest rates are based on bonds (mortgage backed securities) and bonds do not react well at all to inflation. As we continue to see higher wages (ie wage inflation) and other prices rise, mortgage rates will likely follow. We also have the Fed pulling back their level of support of keeping mortgage rates artificially low.

In the big picture, mortgage rates are still historically very low…just not as low as over the summer.

Bottom line, if you’ve been considering refinancing, you might want to start your application now. If your home is located anywhere in Washington state, I’m happy to help you! Click here for a no-hassle mortgage rate quote.

Mortgage Rates Lumbering Low

Freddie Mac’s PMMS shows mortgage rates remaining at low levels.

From Freddie Mac’s Chief Economist, Sam Khater:
“While the economy continues to grow, it has lost momentum over the last two months due to the current wave of new COVID cases that has led to weaker employment, lower spending and declining consumer confidence. Consequently, mortgage rates dropped early this summer and have stayed steady despite increases in inflation caused by supply and demand imbalances…”

The rates posted above are an average from last week and, as you know if you’re a long time reader of The Mortgage Porter, mortgage rates change constantly as they are based on bonds. The PMMS report shows you where mortgage rates have been and is a good indicator for past trends. It does not necessarily show you where mortgage rates are now.

If you have been considering refinancing or buying a new home located anywhere in Washington state, I am happy to help you! Click here for a no-hassle mortgage rate quote for your personal scenario.

Mortgage rates move lower

Mortgage rates have moved lower as reflected in Freddie Mac’s Prime Market Survey released this morning.
From Freddie Mac: “Mortgage rates decreased this week following the dip in U.S. Treasury yields. While mortgage rates tend to follow Treasury yields closely, other factors can be impactful such as the labor markets, which are continuing to improve per last week’s jobs report,” said Sam Khater, Freddie Mac’s Chief Economist. “We expect economic growth to gradually drive interest rates higher, but homebuyers and refinance borrowers still have an opportunity to take advantage of 30-year rates that are expected to continue to hover around three percent.” [Read more…]

Mortgage Rates trending higher

It feels kind of funny to write about mortgage rates trending higher when they’re still in the three percent range…which historically, is an extremely low interest rate. However, we have all become accustomed to the pandemic-era rates below 3%. Check out how much rates have moved since February for the 30 year fixed (blue line) as illustrated with the PMMS report released today. EDITORS NOTE: Rates posted below are EXPIRED! Please click here for current mortgage rates.


A year ago, at this time, the PMMS reported the 30 year fixed rate averaged at 3.65%. A rate that is still far below what is a historically “normal” mortgage rate. [Read more…]

Mortgage rates trending higher

It’s Thursday and that means that Freddie Mac has released their weekly mortgage rate survey: Prime Mortgage Market Survey (aka PMMS). The PMMS is based on an average of conforming rates during the last week…so as soon as the PMMS is released, the data is a week old. The data is good for showing where mortgage rates have been


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Mortgage Rates at Record Lows

Freddie Mac released the Prime Mortgage Market Survey today revealing extremely low mortgage rates.


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Mortgage Rates at an All Time Low

Freddie Mac’s weekly mortgage rate survey, Prime Mortgage Market Survey (aka PMMS) revealed the lowest mortgage rates since Freddie Mac started tracking interest rates in 1971.

“The size and depth of the secondary mortgage market is helping to keep rates at record lows. These low rates are driving higher refinance activity and have modestly helped improve purchase demand from their extremely low levels in mid-April,” said Sam Khater, Freddie Mac’s Chief Economist.

Remember, Freddie Mac’s PMMS report is based on mortgage rates from last week. Last week’s rates are old news and no longer available…although with that said, mortgage rates are still extremely low right now

We are open for business and here to help you with your refinance or home buying needs for homes located in Washington state. Please contact me if I can help you! Click here for a no-hassle mortgage rate quote or here to start a loan application.

Lowest Mortgage Rates in History!

Freddie Mac’s Prime Mortgage Market Survey (PMMS) released this morning states: “The average 30-year fixed-rate mortgage hit a record 3.29 percent this week, the lowest level in its nearly 50-year history“…”30-year fixed-rate mortgage averaged 3.29 percent with an average 0.7 point for the week ending March 5, 2020, down from last week when it averaged 3.45 percent. A year ago at this time, the 30-year FRM averaged 4.41 percent. ”

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