Mortgage rates continued to hover near all-time lows this week, as the average rate for a 30-year fixed-rate mortgage dipped to 3.31%, down from 3.33% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
That’s down from 4.17% a year ago.
It was the third straight week that mortgage rates dipped overall.
“Refinance activity remains high, but home purchase demand is weak due to economic tightening,” explains Sam Khater, chief economist for Freddie Mac, in a statement. “While new monthly economic data are driving markets lower this week, they are a lagging indicator and should be priced in already. Real time daily economic activity metrics suggest that the economy will likely not decline much further. Going forward, the key question is no longer the depth of the economic contraction, but the duration.”
The average rate for a 15-year fixed-rate mortgage was 2.80%, up from 2.77% last week but down from 3.62% a year ago.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage was 3.34%, down from 3.40% last week and down from 3.78% a year ago.