Another New 30-Year Mortgage Record Hit This Week: 2.80%
You saw the previous blog post about rates inevitably going up. Read on for how low interest rates are.
Freddie Mac: The average 30-year, fixed-rate mortgage broke its all-time record low for the 11th time this year, dropping slightly from last week’s average 2.81%.
MCLEAN, Va. – Freddie Mac’s Primary Mortgage Market Survey released Thursday found that the average rate for a 30-year, fixed-rate mortgage fell to an all-time low of 2.80%. That’s down slightly from last week’s 2.81% and the 11th time in 2020 that falling rates have broken records.
Freddie Mac’s mortgage-rate records date back to 1971.
“Mortgage rates remain very low, providing homeowners who have not already taken advantage of this environment ample opportunity to do so,” says Sam Khater, Freddie Mac’s chief economist.
“Mortgage rates today are, on average, more than a full percentage point lower than rates over the last five years,” Khater adds. “This means that most low- and moderate-income borrowers who purchased during the last few years stand to benefit by exploring refinancing to lower their monthly payment.”
A 30-year 2.8% mortgage has an average 0.6 point for the week that ended on Thursday, according to Freddie Mac. It’s down from 2.81% last week and down from 3.75% on year earlier.
A 15-year fixed-rate mortgage averaged 2.33% with an average 0.6 point, down from last week when it averaged 2.35% and a year ago when it averaged 3.18 %.
A 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.87 percent this week with an average 0.3 point. That’s down from last week’s 2.90 % and 3.40% one year ago.
By Kerry Smith © 2020 Florida Realtors®