The average rate for a 30-year fixed-rate mortgage dropped to 2.81% this week – the lowest its been since 1971, according to Freddie Mac’s Primary Mortgage Market Survey.
That’s down from 2.87% the previous week and down from 3.69% a year ago.
“Low mortgage rates have become a regular occurrence in the current environment,” says Sam Khater, chief economist for Freddie Mac, in a statement. “As we hit yet another record low, the tenth record this year, many people are benefitting as refinance activity remains strong. However, it’s important to remember that not all people are able to take advantage of low rates given the effects of the pandemic.”
The average rate for a 15-year fixed-rate mortgage was 2.35%, down from 2.37% last week and down from 3.15% a year ago.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.90%, up slightly from 2.89% the previous week not down from 3.35% a year ago.