Mortgage rates didn’t budge this week – and that’s good news for borrowers.
Freddie Mac’s Primary Mortgage Market Survey released Thursday showed:
The 30-year fixed-rate mortgage averaged 2.73 percent with an average 0.7 point, unchanged from last week and down from 3.45 percent last year at this time.
The 15-year fixed-rate mortgage averaged 2.21 percent with an average 0.6 point, up from last week’s 2.20 percent and last year’s 2.97 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.78 percent with an average 0.3 point, down from last week’s 2.80 percent and last year’s 3.32 percent.
“Mortgage rates remained flat this week and near record lows, signifying an economy that continues to struggle,” said Sam Khater, Freddie Mac’s Chief Economist. “This rate environment is advantageous for those who are looking to refinance in order to strengthen their financial position. While many have already refinanced, the evidence suggests that upper income homeowners have taken advantage of the opportunity more so than lower income homeowners who could stand to benefit the most by lowering their monthly mortgage payment.”