Mortgage rates decreased this week, with the average rate for a 30-year fixed-rate mortgage falling to 2.96%, down from 2.98% last week and down from 3.26% a year ago, according to Freddie Mac’s Primary Mortgage Market Survey.
“Mortgage rates have remained under three percent for three consecutive weeks,” says Sam Khater, chief economist for Freddie Mac. “Consumer income and spending are picking up, which is leading to an acceleration in economic growth. The combination of low and stable rates, coupled with an improving economy, is good for homebuyers. It’s also good for homeowners who may have missed prior opportunities to refinance and increase their monthly cash flow.”
The average rate for a 15-year fixed-rate mortgage was 2.30%, down from 2.31% last week and down from 2.73% a year ago.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.70%, up from 2.64% last week but down from 3.14% a year ago.
Photo: Aditya Vyas
