Mortgage Rates Drop Below 3% Again

Mortgage rates fell below 3 percent again this week for the first time since April, Freddie Mac reported Thursday in its weekly Primary Mortgage Market Survey.

The survey found:

  • The 30-year fixed-rate mortgage averaged 2.97 percent with an average 0.7 point for the week, down from last week’s 3.04 percent and last year’s 3.33 percent.
  • The 15-year fixed-rate mortgage averaged 2.29 percent with an average 0.6 point, down from last week’s 2.35 percent and last year’s 2.86 percent.
  • The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.83 percent with an average 0.3 point, up from last week’s 2.80 percent and down from last year’s 3.28 percent.

“The drop in mortgage rates is good news for homeowners who are still looking to take advantage of the very low rate environment,” said Sam Khater, Freddie Mac’s Chief Economist. “Freddie Mac research suggests that lower income and minority homeowners have been less likely to engage in the refinance market. Low and declining mortgage rates provide these homeowners the opportunity to reduce their monthly payment and improve their financial position.”