Mortgage Rates Fall To Near Record Lows

Mortgage rates dropped again this week, nearing the all-time record set earlier in August, Freddie Mac announced Thursday in its Primary Mortgage Market Survey.

The survey found:

  • The 30-year fixed-rate mortgage averaged 2.91 percent with an average 0.8 point for the week ending August 27, down from last week’s 2.99 percent and 3.58 percent a year ago.
  • The 15-year fixed-rate mortgage averaged 2.46 percent with an average 0.7 point, down from last week’s 2.54 percent and last year’s 3.06 percent.  
  • The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.91 percent with an average 0.2 point, unchanged from last week and down from last year’s 3.31 percent.

The lowest 30-year rate on record is 2.88 percent.

“This year has been anything but normal and as the uncertainty lingers, mortgage rates remain near record lows,” said Sam Khater, Freddie Mac’s Chief Economist. “These rates continue to incentivize potential buyers and the home buying season, which shifted from spring to summer, will likely continue into the fall.”