After dropping below 3 percent, mortgage rates edged up slightly this week for the first time in weeks, Freddie Mac announced Thursday in its Primary Mortgage Market Survey.
The 30-year fixed-rate mortgage averaged 3.01 percent – up ever so slightly from last week’s record 2.98 percent and well below last year’s 3.75 percent.
The survey also found:
- The 15-year fixed-rate mortgage averaged 2.54 percent with an average 0.7 point was up from last week’s 2.48 percent and down from last year’s 3.18 percent.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.09 percent with an average 0.3 point, up from last week’s 3.06 percent and down from last year’s 3.47 percent.
“While housing demand continues to rebound, the month-long swoon in economic activity has caused the 10-year Treasury benchmark to drop. In the short-term, this means the demand will continue on the back of near record low mortgage rates,” said Sam Khater, Freddie Mac’s Chief Economist. “However, the most recent consumer spending data has been pointing to slow growth since mid-June. The concern is that the pause in economic activity will cause unemployment to remain elevated which will lead to longer-term labor market distress.”