It’s not a new record – but it isn’t far off.
The 30-year fixed-rate mortgage averaged 2.87 percent this week, up ever so slightly from last week’s 2.86 percent, according to Freddie Mac’s Primary Mortgage Market Survey released Thursday.
The survey found:
- The 30-year fixed-rate mortgage averaged 2.87 percent with an average 0.8 point for the week ending September 17, down from 3.73 percent last year at this time.
- The 15-year fixed-rate mortgage averaged 2.35 percent with an average 0.8 point, down from last week’s 2.37 percent and last year’s 3.21 percent.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.96 percent with an average 0.3 point, down from last week’s 3.11 percent and last year’s 3.49 percent.
“Despite the recession, the very low mortgage environment has spurred many first-time homebuyers to jump into the real estate market,” said Sam Khater, Freddie Mac’s Chief Economist. “In August, first-time homebuyer activity rose 19 percent from July to the highest monthly level ever for Freddie Mac. The first-time homebuyer driven rebound in the housing market has come at a critical time for the economy.”