Market Update

Potential for a vaccine drives Wall Street; rates remain steady, low

     
Potential for a vaccine drives Wall Street; rates remain steady, low

Mortgage interest rates remain well below 3%, with Freddie Mac’s latest 30-year fixed-rate mortgage average coming in at 2.84%. While that’s an increase from a week ago, it’s still far below the 3.75% we saw last year at this time. Freddie Mac’s Chief Economist Sam Khater notes that rates increased slightly due to the news about a potential COVID-19 vaccine, which buoyed markets. Khater added,  “Despite this rise, mortgage rates remain about a percentage point below a year ago and the low rate environment is supportive of both purchase and refinance demand.

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