The average rate for a 30-year fixed-rate mortgage (FRM) fell below 3% for the first time in weeks.
According to Freddie Mac’s Primary Mortgage Market Survey, the average rate for a 30-year dipped to 2.98%, down from 3.09% the previous week.
A year ago at this time, the average rate for a 30-year was 2.84%.
“Despite the re-acceleration of economic growth, the recent bond rally drove mortgage rates down for the second consecutive week,” says Sam Khater, chief economist for Freddie Mac, in a statement. “These low mortgage rates, combined with the tailwind of first-time homebuyers entering the market, means that purchase demand will remain strong into next year. However, affordability pressures continue to be an ongoing concern for homebuyers.”
The average rate for a 15-year fixed-rate mortgage was 2.27%, down from 2.35% last week and down from 2.34% a year ago.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.53%, down from 2.54% last week and down from 3.11% a year ago.
Photo: David Kristianto
