Mortgage Rates Remain Below 3%

Still below 3 percent.

Mortgage rates inched up ever so slightly this week to 2.98 percent, Freddie Mac reported Thursday in its weekly Primary Mortgage Market Survey.

The survey found:

  • The 30-year fixed-rate mortgage averaged 2.98 percent with an average 0.7 point for the week, up from last week’s 2.97 percent and down from last year’s 3.23 percent.
  • The 15-year fixed-rate mortgage averaged 2.31 percent with an average 0.7 point, up from last week’s 2.29 percent and down from last year’s 2.77 percent.
  • The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.64 percent with an average 0.3 point, down from last week’s 2.83 percent and last year’s 3.14 percent.

“In light of the rising COVID caseloads globally, U.S. Treasury yields stopped moving up a month ago and have remained within a narrow range as the market digests incoming economic data,” said Sam Khater, Freddie Mac’s Chief Economist. “The good news is that with rates under three percent, refinancing continues to be attractive for many borrowers who financed before 2020. But, for eager buyers, especially first-time homebuyers, inventory continues to be extremely tight and competition for available homes to purchase remains high.”