Mortgage rates fell for the second consecutive week, inching closer to the record low levels set earlier this month, according to Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday.
The survey found:
- The 30-year fixed-rate mortgage averaged 2.73 percent with an average 0.7 point, down from last week’s averaged 2.77 percent and last year’s 3.51 percent.
- The 15-year fixed-rate mortgage averaged 2.20 percent with an average 0.6 point, down from last week’s 2.21 percent and last year’s 3.00 percent.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.80 percent with an average 0.3 point, unchanged from last week and down from last year’s 3.24 percent.
“As the market reacts to a new administration in Washington and COVID-19 driven economic malaise, mortgage rates continued to decrease this week, just slightly,” said Sam Khater, Freddie Mac’s Chief Economist. “Even as house prices increase at the fastest rate we’ve seen in years, competition to buy is strong given the low inventory that exists across the country. The fact that there are not enough homes to meet demand is going to be an ongoing issue for the foreseeable future.”