Mortgage rates have barely moved this week, according to Freddie Mac’s Primary Mortgage Market Survey, published Thursday.
“It is groundhog day for mortgage rates because they have been practically unchanged for over two months,” said Freddie Mac chief economist Sam Khater. “The hold pattern in interest rates reflects the market’s view that the outlook for the economy has deteriorated somewhat due to the recovery of new COVID cases.”
The 30-year fixed-rate mortgage has been largely unchanged for the past six weeks, falling just two basis points to 2.86% in the week ended September 16. The reference rate for home loans was 2.87% a year ago.