Mortgage rates dropped to 2.81 percent this week, another new record and the 12th straight week rates have stayed under 3 percent, Freddie Mac reported Thursday in its weekly mortgage market survey.
The survey found:
- The 30-year fixed-rate mortgage averaged 2.81 percent with an average 0.6 point for the week ending October 15, 2020, down from last week’s 2.87 percent and last year’s 3.69 percent.
- The 15-year fixed-rate mortgage averaged 2.35 percent with an average 0.5 point, down from last week’s 2.37 percent and last year’s 3.15 percent.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.90 percent with an average 0.2 point, down from last week’s when it averaged 2.89 percent and last year’s 3.35 percent.
“Low mortgage rates have become a regular occurrence in the current environment,” said Sam Khater, Freddie Mac’s Chief Economist. “As we hit yet another record low, the tenth record this year, many people are benefitting as refinance activity remains strong. However, it’s important to remember that not all people are able to take advantage of low rates given the effects of the pandemic.”