Mortgage rates hit an all-time low this week, with the average rate for a 30-year, fixed-rate mortgage falling 10 basis points to 3.23%, down from 3.33% last week and down from 4.14% a year ago, according to Freddie Mac’s Primary Mortgage Market Survey.
That’s the lowest rate for a 30-year in the survey’s history, which dates back to 1971.
“The size and depth of the secondary mortgage market is helping to keep rates at record lows,” says Sam Khater, chief economist for Freddie Mac, in a statement. “These low rates are driving higher refinance activity and have modestly helped improve purchase demand from their extremely low levels in mid-April.
“While many people are benefitting from low mortgage rates, it’s important to remember that not all people are able to take advantage of them given the current pandemic,” Khater adds.
For the week ended April 30, the average rate for a 15-year fixed-rate mortgage was 2.77%, down from 2.86% the previous week and down from 3.60% a year ago.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.14%, down from 3.28% the previous week and down from 3.68% a year ago.