Mortgage rates hit another record low this week, with the average rate for a 30-year fixed-rate mortgage falling to 2.72%, down from 2.84% last week and down from 3.66% a year ago, according to Freddie Mac’s Primary Mortgage Market Survey.
That’s the lowest rate for the 30-year in the survey’s history which dates back to 1971. What’s more, it was the 13th time this year that mortgage rates hit a record low.
“Weaker consumer spending data, which accounts for the majority of economic growth, drove mortgage rates to a new record low,” says Sam Khater, chief economist for Freddie Mac, in a statement. “While economic growth remains unstable, strong housing demand continues to have a domino effect on many other segments of the economy.”
The average rate for a 15-year fixed-rate mortgage averaged 2.28%, down from 2.34% last week and down from 3.15% a year ago.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.85%, down from 3.11% last week and down from 3.39% a year ago.