Mortgage rates fell for the second week in a row, with the 30-year fixed-rate mortgage average 3.04 percent, according to Freddie Mac’s Primary Mortgage Market Survey released Thursday.
The survey found:
- The 30-year fixed-rate mortgage averaged 3.04 percent with an average 0.7 point for the week, down from last week’s 3.13 percent and last year’s 3.31 percent.
- The 15-year fixed-rate mortgage averaged 2.35 percent with an average 0.7 point, down from last week’s 2.42 percent and last year’s 2.80 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 2.92 percent and last year’s 3.34 percent.
“The economy is improving on the demand side and on the supply side, a variety of goods and materials remain scarce,” said Sam Khater, Freddie Mac’s Chief Economist. “As a result of this imbalance, pricing pressures are building and causing inflation to rise. Despite the pause in mortgage rates recently, we expect them to increase modestly for the remainder of this year.”