Mortgage rates decreased slightly this week, remaining firmly below 3 percent – where they have remained since late July, according to Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday.
The survey found:
- The 30-year fixed-rate mortgage averaged 2.77 percent with an average 0.7 point, down from last week’s 2.79 percent and last year’s 3.60 percent.
- The 15-year fixed-rate mortgage averaged 2.21 percent with an average 0.6 point, down from last week’s 2.23 percent and last year’s 3.04 percent.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.80 percent with an average 0.4 point, down from last week’s 3.12 percent and last year’s 3.28 percent.
“Mortgage rates have hovered near historic lows for almost a year, fueling purchase and refinance activity amid a global health crisis,” said Sam Khater, Freddie Mac’s Chief Economist. “We’re now seeing rates fluctuate a bit as political and economic factors drive Treasury yields higher. However, we forecast rates to remain relatively low this year as the Federal Reserve keeps interest rates anchored near zero for a longer period of time, if needed until the economy rebounds.”