Mortgage rates just hit another record low.
Freddie Mac announced that the 30-year fixed-rate mortgage averaged 3.07 percent for the week ending Thursday, the lowest rate in the surveys history dating back nearly 50 years.
“Mortgage rates continue to slowly drift downward with a distinct possibility that the average 30-year fixed-rate mortgage could dip below 3 percent later this year,” Freddie’s Chief Economist Sam Khater said. “On the economic front, incoming data suggest the rebound in economic activity has paused in the last couple of weeks with modest declines in consumer spending and a pullback in purchase activity.”
The survey found:
- The 30-year fixed-rate mortgage averaged 3.07 percent with an average 0.8 point, down from 3.13 percent and last years 3.75 percent.
- The 15-year fixed-rate mortgage averaged 2.56 percent with an average 0.8 point, down slightly from last week when it averaged 2.59 percent and last year’s average of 3.18 percent.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.00 percent with an average 0.3 point, down from last week’s 3.08 percent and last year’s 3.45 percent.
See the full report here.