Mortgage Rates At Exactly 3%

Average 30-year mortgage rates edged up to 3.00 percent this week, Freddie Mac announced Thursday in its weekly Primary Mortgage Market Survey.

The survey found:

  • The 30-year fixed-rate mortgage averaged 3.00 percent with an average 0.6 point for the week, up from last week’s 2.94 percent and down from 3.24 percent last year at this time.
  • The 15-year fixed-rate mortgage averaged 2.29 percent with an average 0.7 point, up from last week’s 2.26 percent and down from last year’s 2.70 percent.
  • The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.59 percent with an average 0.3 point, unchanged from last week and down from last year’s 3.17 percent.

“After a run up over the first few months of the year, rates have paused and hovered around three percent since March,” said Sam Khater, Freddie Mac’s Chief Economist. “Despite this favorable rate climate, there remains a shortage of homes for sale. The lack of housing supply has been compounded by labor disruptions and expensive building materials that are driving up the cost of new housing, making it difficult for homebuyers to find homes to purchase.”