Mortgage rates are holding steady below 3 percent in Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday.
The survey found:
- The 30-year fixed-rate mortgage averaged 2.94 percent with an average 0.7 point, down from last week’s 2.96 percent and last year’s 3.28 percent.
- The 15-year fixed-rate mortgage averaged 2.26 percent with an average 0.6 point, down from last week’s 2.30 percent and last year’s 2.72 percent.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.59 percent with an average 0.3 point, down from last week’s 2.70 percent and last year’s 3.18 percent.
“Since the most recent peak in April, mortgage rates have declined nearly a quarter of a percent and have remained under three percent for the past month,” said Sam Khater, Freddie Mac’s Chief Economist. “Low rates offer homeowners an opportunity to lower their monthly payment by refinancing and our most recent research shows that many borrowers, especially Black and Hispanic borrowers, who could benefit from refinancing still aren’t pursuing the option.”
Khater added, “Additionally, the low mortgage rate environment has been a boon to the housing market but may not last long as consumer inflation has accelerated at its fastest pace in more than twelve years and may lead to higher mortgage rates in the summer.”