Mortgage Rates Decrease, Average Rate for 30-Year Dips Below 3% Again

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After rising slightly the previous week, mortgage rates decreased again during the week ended July 30, as the average rate for a 30-year fixed-rate mortgage dipped to 2.99%, down from 3.01%, according to Freddie Mac’s Primary Mortgage Market Survey.

That’s down from an average of 3.75% a year ago.

“It’s Groundhog Day in the mortgage market as rates continue to remain near historic lows, driving purchase demand over 20 percent above a year ago,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Real estate is one of the bright spots in the economy, with strong demand and modest slowdown in home prices heading into the late summer. Home sales should remain strong the next few months into the early fall.”

The average rate for a 15-year fixed-rate mortgage was 2.51%, down from 2.54% the previous week and down from 3.20% a year ago.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.94%, down from 3.09% the previous week and down from 3.46% a year ago.

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