Mortgage rates decreased for a third straight week, with the average rate for a 30-year, fixed-rate mortgage dropping to 2.88%, down from 2.90% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time the average rate for a 30-year was 2.98%.
“The summer swoon in mortgage rates continues as the 30-year fixed-rate mortgage fell for the third consecutive week,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Since the peak at 3.18 percent in April, mortgage rates have declined by 30 basis points. While this decline is not large, it provides modest relief to borrowers who are purchasing in a market with strong home appreciation and scant inventory.”
The average rate for a 15-year fixed-rate mortgage was 2.22%, up from 2.20% last week but down from 2.48% a year ago.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.47%, down from 2.52% last week and down from 3.06% a year ago.
Photo: M. B. M.