Mortgage rates were basically flat this week, with the average rate for a 30-year, fixed-rate mortgage holding at 2.73%, flat compared with last week but down from 3.45% a year ago, according to Freddie Mac’s Primary Mortgage Market Survey.
The average rate for a 15-year fixed-rate mortgage was 2.21%, up slightly from 2.20% last but down from 2.97% a year ago.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.78%, down from 2.80% last week and down from 3.32% a year ago.
“Mortgage rates remained flat this week and near record lows, signifying an economy that continues to struggle,” says Sam Khater, chief economist for Freddie Mac, in a statement. “This rate environment is advantageous for those who are looking to refinance in order to strengthen their financial position. While many have already refinanced, the evidence suggests that upper income homeowners have taken advantage of the opportunity more so than lower income homeowners who could stand to benefit the most by lowering their monthly mortgage payment.”