Mortgage Rates Drop Below 3% Again

After a week above 3 percent, mortgage rates in the United States dropped below that line for the second time in history as the 30-year fixed-rate mortgage averaged 2.99 percent, Freddie Mac announced Thursday. “It’s Groundhog Day in the mortgage market as rates continue to remain near historic lows, driving purchase demand over 20 percent above a year ago,” said Sam Khater, Freddie Mac’s Chief Economist. “Real estate is one of the bright spots in the economy, with strong demand and modest slowdown in home prices heading into the late summer. Home sales should remain strong the next few months into the early fall.” Freddie’s Primary Mortgage Market Survey found: The 30-year fixed-rate mortgage averaged 2.99 percent with an average…

Mortgage Rates Fall To Record Low Again

It’s another record. Rates for a 30-year fixed-rate mortgage tumbled to an average of 3.13 percent his week, the lowest rate since Freddie Mac started tracking them in 1971, Freddie announced Thursday. “Mortgage rates have hit another record low due to declining inflationary pressures, putting many homebuyers in the buying mood,” said Sam Khater, Freddie Mac’s Chief Economist. “However, it will be difficult to sustain the momentum in demand as unsold inventory was at near record lows coming into the pandemic and it has only dropped since then.” Freddie’s weekly survey for the week ending June 18 found: 30-year fixed-rate mortgage averaged 3.13 percent with an average 0.8 point, down from last week when it averaged 3.21 percent and last…

Mortgage Rates Hit Record Low

How low will they go? The 30-year fixed-rate mortgage hit a record low of 3.15 percent this week, Freddie Mac announced Thursday. It is the third time rates have reached record lows for the third time in the last few months. “These unprecedented rates have certainly made an impact as purchase demand rebounded from a 35 percent year-over-year decline in mid-April to an 8 percent increase as of last week—a remarkable turnaround given the sharp contraction in economic activity,” Freddie Mac Chief Economist Sam Khater said. The Freddie Mac report also found: The 30-year fixed-rate mortgage averaged 3.15 percent with an average 0.8 point for the week, down from last week when it averaged 3.24 percent and 3.99 percent a…

Mortgage Rates Rise Just A Bit

Mortgage rates rose ever so slightly this week, reflecting nearly a month of stable rates after swings in the early days of the coronavirus pandemic. The 30-year fixed-rate mortgage averaged 3.33 percent, according to Freddie Mac’s Primary Mortgage Market Survey released Thursday. “Mortgage rates have stabilized over the last few weeks as the market searches for direction in the fog of economic data,” said Sam Khater, Freddie Mac’s Chief Economist. “While financial markets initially rallied on the news of Federal Reserve support and are improving due to the Senate’s passage of a new small business stimulus, we continue to see a deep economic contraction amidst uncertainty about the recovery formation.” The survey found: The 30-year fixed-rate mortgage average of 3.33…

Mortgage Rates Fall To Near Historic Lows

Mortgage rates dipped slightly this week and are once again approaching historic lows, Freddie Mac announced Thursday. The 30-year fixed-rate mortgage averaged 3.31 percent. That’s down from 3.33 percent the last two weeks, according to Freddie Mac’s Primary Mortgage Market Survey. Rates reached 3.29 percent the week of March 9. “Mortgage rates continue to hover near all-time lows for the third straight week. As a result, refinance activity remains high, but home purchase demand is weak due to economic tightening,” Freddie Mac’s Chief Economist Sam Khater said. The survey also found: 15-year fixed-rate mortgage averaged 2.80 percent with an average 0.7 point, up from last week when it averaged 2.77 percent. A year ago at this time, the 15-year fixed-rate mortgage…