The average rate for a 30-year fixed-rate mortgage dropped to 2.80% this week, the lowest it’s been since at least 1971, according to Freddie Mac.
“Mortgage rates remain very low, providing homeowners who have not already taken advantage of this environment ample opportunity to do so,” says Sam Khater, chief economist for Freddie Mac in the company’s weekly Primary Mortgage Market Survey. “Mortgage rates today are on average more than a full percentage point lower than rates over the last five years. This means that most low- and moderate-income borrowers who purchased during the last few years stand to benefit by exploring refinancing to lower their monthly payment.”
The average rate for a 15-year fixed-rate mortgage was 2.33%, down from 2.35% last week, and down from 3.18% a year ago.
The average rate for five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.87%, down from 2.90% last week and down from 3.40% a year ago.