Mortgage rates continued to seesaw this past week, with the average rate for a 30-year, fixed-rate mortgage dipping just below 3%, Freddie Mac’s Primary Mortgage Market Survey shows.
More specifically, the average rate for a 30-year was 2.95%, down from 3% last week and down from 3.15% a year ago.
“Mortgage rates are down below three percent, continuing to offer many homeowners the potential to refinance and increase their monthly cash flow,” says Sam Khater, chief economist for Freddie Mac, in a statement. “In fact, homeowners who refinanced their 30-year fixed-rate mortgage in 2020 saved more than $2,800 dollars annually. Substantial opportunity continues to exist today, as nearly $2 trillion in conforming mortgages have the ability to refinance and reduce their interest rate by at least half a percentage point.”
The average rate for a 15-year fixed-rate mortgage was 2.27%, down from 2.29% last week and down from 2.62% a year ago.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.59% unchanged from last week but down from 3.13% a year ago.
Photo: M. B. M.
