Mortgage Rates Slide To 2.96%

Mortgage rates dropped slightly again, remaining under 3 percent for the week, according to Freddie Mac’s weekly Primary Mortgage Market Survey released Thursday.

The survey found:

  • The 30-year fixed-rate mortgage averaged 2.96 percent with an average 0.6 point for the week, down from last week’s 2.98 percent and last year’s 3.26 percent.
  • The 15-year fixed-rate mortgage averaged 2.30 percent with an average 0.6 point, down from last week’s when it averaged 2.31 percent and last year’s 2.73 percent.
  • The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.70 percent with an average 0.3 point, up from last week’s 2.64 percent and below last year’s 3.14 percent.

“Mortgage rates have remained under three percent for three consecutive weeks,” said Sam Khater, Freddie Mac’s Chief Economist. “Consumer income and spending are picking up, which is leading to an acceleration in economic growth. The combination of low and stable rates, coupled with an improving economy, is good for homebuyers. It’s also good for homeowners who may have missed prior opportunities to refinance and increase their monthly cash flow.”