Mortgage Rates Inch Up Every So Slightly

Mortgage rates increased this week ever so slightly as they continue to hover at historic lows during the Covid-19 pandemic, Freddie Mac announced Thursday in its weekly Primary Mortgage Market Survey.

The survey found:

  • The 30-year fixed-rate mortgage averaged 2.81 percent with an average 0.7 point, up slightly from last week’s record 2.80 percent and down from last year’s 3.78 percent.
  • The 15-year fixed-rate mortgage averaged 2.32 percent with an average 0.6 point, down from last week’s 2.33 percent and last year’s 3.19 percent.
  • The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.88 percent with an average 0.3 point, up from last week’s 2.87 percent and down from last year’s 3.43 percent.

“The record low mortgage rate environment is providing tangible support to the economy at a critical time, as housing continues to propel growth,” said Sam Khater, Freddie Mac’s Chief Economist. “Strong purchase demand is helping to lift the construction, manufacturing and transportation industries that build new homes and it is also leading to more consumer spending for owners, who are selling or improving their homes.”