Mortgage Rates Back Below 3%

The 30-year fixed-rate mortgage average fell below 3 percent for the week again in Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday.

The survey found:

  • The 30-year fixed-rate mortgage averaged 2.95 percent with an average 0.7 point for the week, down from last week’s 3 percent and 3.15 percent last year at this time.
  • The 15-year fixed-rate mortgage averaged 2.27 percent with an average 0.6 point, down from last week’s 2.29 percent and last year’s 2.62 percent.
  • The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.59 percent with an average 0.2 point, unchanged from last week and down from last year’s 3.13 percent. 

“Mortgage rates are down below three percent, continuing to offer many homeowners the potential to refinance and increase their monthly cash flow,” said Sam Khater, Freddie Mac’s Chief Economist. “In fact, homeowners who refinanced their 30-year fixed-rate mortgage in 2020 saved more than $2,800 dollars annually. Substantial opportunity continues to exist today, as nearly $2 trillion in conforming mortgages have the ability to refinance and reduce their interest rate by at least half a percentage point.”