Mortgage Rates Steady At 2.72%

Mortgage rates didn’t budget this week from their record low, Freddie Mac reports in its weekly Primary Mortgage Market Survey.

They survey found:

  • The 30-year fixed-rate mortgage averaged 2.72 percent with an average 0.7 point, unchanged from last week and well below last year’s 3.68 percent.
  • The 15-year fixed-rate mortgage averaged 2.28 percent with an average 0.6 point, also unchanged from last week and down from last year’s 3.15 percent.
  • The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.16 percent with an average 0.3 point, up from last week’s 2.85 percent and down from last year’s 3.43 percent.

“Mortgage rates remain at record lows and while that has fueled a refinance boom, it’s been driven mainly by higher income borrowers. With about 20 million borrowers eligible to refinance, lower- and middle-income borrowers are leaving money on the table by not taking advantage of low rates,” said Sam Khater, Freddie Mac’s Chief Economist. “On the homebuying side, demand continues to surge, and it has created a seller’s market where inventory is at a record low and home prices are rising, beginning to offset the benefits of the low rates.”