If you’re wondering if mortgage rates can go any lower, the answer is “yes” – at least for another week.
The average 30-year fixed-rate mortgage dropped to a record 2.78 percent this week, according to the Primary Mortgage Market Survey released by Freddie Mac on Thursday. It is the lowest rate recorded in the survey’s history, dating to 1971.
The survey found:
- The 30-year fixed-rate mortgage averaged 2.78 percent with an average 0.7 point, down from last week’s 2.81 percent and last year’s 3.69 percent.
- The 15-year fixed-rate mortgage averaged 2.32 percent with an average 0.6 point, unchanged from last week and down from last year’s 3.13 percent.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.89 percent with an average 0.3 point, up slightly from last week’s 2.88 percent and down from last year’s 3.39 percent.
“Mortgage rates hit another record low, the twelfth time this year, due to economic and political ambiguity,” said Sam Khater, Freddie Mac’s Chief Economist. “Despite the uncertainty that we’ve all experienced this year, the housing market, buoyed by low rates, continues to be a bright spot.”