These factors will likely lead to significant investment and new post-pandemic economic models that will spur economic growth." "While our collective attention is on the pandemic, fundamental changes in the economy are occurring, such as increased migration, the extended continuation of remote work, increased use of automation, and the focus on a more energy-efficient and resilient economy. The holding pattern in rates reflects the markets' view that the prospects for the economy have dimmed somewhat due to the rebound in new COVID cases," said Sam Khater, Freddie Mac's chief economist. "It's Groundhog Day for mortgage rates, as they have remained virtually flat for over two months. Since then, rates have been trending lower with occasional bumps. Earlier this year, there was more weekly movement, with the 30-year rate reaching a high of 3.18% on April 1. Rates have been hovering between 2.86% and 2.88% since August 12.
The 30-year fixed-rate loan is averaging 2.86% for the week ending September 16, down just 0.02 percentage points from last week, according to Freddie Mac's benchmark survey.
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