The average rate for a 30-year, fixed-rate mortgage inched up slightly this week but remains below 3% at 2.99%, according to Freddie Mac’s Primary Mortgage Market Survey.
That’s up from 2.95% last week but down from 3.18% a year ago.
“Home prices continue to accelerate while inventory remains low and new home construction cannot happen fast enough,” says Sam Khater, chief economist for Freddie Mac, in a statement. “There are many potential homebuyers who would like to take advantage of low mortgage rates, but competition is strong. For homeowners however, continued low rates make refinancing an option worth considering.”
The average rate for a 15-year fixed-rate mortgage was 2.27%, unchanged from last week but down from 2.62% a year ago.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.64%, up from 2.59% last week but down from 3.10% a year ago.
Photo: David Kristianto