Tag Archives: Primary Mortgage Market Survey (PMMS)

In a holiday-shortened week, mortgage rates rose slightly, hitting 3.11%, yet remaining within range of all-time lows.

Mortgage applications rose 1.8% week-over-week, as the 30-year fixed-rate mortgage held steady at 3.10% as more took advantage of continued low rates to refinance.

After dipping below the 3% mark last week, fixed-rate mortgages climbed on the strength of a rise in consumer spending and improvements in unemployment.

The days of rates in the 3% range may be numbered, as yesterday’s actions by the Fed to begin tapering may put upward pressure on rates moving forward.

Mortgage rates have risen to 3.14%, up five basis points, with refi activity dipping for the fifth straight week.

U.S. home price appreciation reached 20.7% in August 2021, marking the third straight month it has reached a new record mark, according to the latest findings by First American.

Fueled by the trajectory of both the economy and the pandemic, mortgage rates advanced upward this week; however, the housing market is expected to remain strong as 2021 comes to an end.

Eclipsing the 3% mark for the first time since April, fixed-rate mortgages hit 3.05% this week, with inflationary pressure building due to lingering pandemic issues, and a constricting monetary policy.

While rates continue to hover at record lows, a rise in economic and financial market uncertainties, competition remains high for tight inventory as affordability issues linger.

As mortgage rates edge above the 3% mark, borrower incentive to refinance is waning.