How low can they go?
The 30-year fixed-rate mortgage averaged a record-low 2.88 percent, the eighth time rates set a new record this year, according to Freddie Mac’s Primary Mortgage Market Survey released Thursday.
“The resilience of the housing market continues as mortgage rates hit another all-time low, giving potential buyers more purchasing power and strengthening demand,” Freddie Mac’s Chief Economist Sam Khater said. “We expect rates to stay low and continue to propel the purchase market forward. However, the main barrier to rising demand remains the lack of inventory, especially for entry-level homes.”
The survey found:
- The 30-year fixed-rate mortgage averaged 2.88 percent with an average 0.8 point for the week ending August 6, down from last week’s 2.99 percent and last year’s 3.60 percent.
- The 15-year fixed-rate mortgage averaged 2.44 percent with an average 0.8 point, down from last week’s 2.51 percent and last year’s 3.05 percent.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.90 percent with an average 0.4 point, down from last week’s 2.94 percent and last year’s 3.36 percent.
See the full report here.