Mortgage Rates Fall For Second Straight Week

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Mortgage rates dropped for a second straight week, as the average rate for a 30-year, fixed-rate mortgage plummeted to 3.04%, down from 3.13% last week, according to Freddie Mac’s Primary Mortgage Market Survey.

A year ago, the average rate for a 30-year was 3.31%.

“Mortgage rates took another dip this week as the 30-year fixed-rate mortgage decreased by almost ten basis points, week over week,” says Sam Khater, chief economist for Freddie Mac, in a statement. “The economy is improving on the demand side and on the supply side, a variety of goods and materials remain scarce. As a result of this imbalance, pricing pressures are building and causing inflation to rise. Despite the pause in mortgage rates recently, we expect them to increase modestly for the remainder of this year.”

The average rate for a 15-year fixed-rate mortgage was 2.35%, down from 2.42% last week and down from 2.80% a year ago.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.80%, down from 2.92% last week and down from 3.34% a year ago.

Photo: David Kristianto

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