Mortgage Rates Drop, Ending Streak

The streak is over.

After seven straight weeks of increases, mortgage rates dropped this week as the 30-year fixed-rate mortgage averaged 3.13 percent, according to Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday.

The survey found:

  • The 30-year fixed-rate mortgage averaged 3.13 percent with an average 0.7 point for the week, down from last week’s 3.18 percent and last year’s 3.33 percent at this time.
  • The 15-year fixed-rate mortgage averaged 2.42 percent with an average 0.6 point, down from last week’s 2.45 percent and last year’s 2.77 percent.
  • The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.92 percent with an average 0.1 point, up from last week’s 2.84 percent and down from last year’s 3.40 percent.

“As the economy recovers, it should experience a strong rebound in the labor market,” said Sam Khater, Freddie Mac’s Chief Economist. “Combined, these positive signals will continue to bolster purchase demand. The drop in rates creates yet another opportunity for those who have not refinanced to take a look at the possibility.”