Mortgage rates dip below 3% again

MCLEAN, Va. — Results of Freddie Mac’s Primary Mortgage Market Survey shows that the 30-year fixed-rate mortgage (FRM) averaged 2.99% this week.

“It’s Groundhog Day in the mortgage market as rates continue to remain near historic lows, driving purchase demand over 20% above a year ago,” said Sam Khater, Freddie Mac’s chief economist. “Real estate is one of the bright spots in the economy, with strong demand and modest slowdown in home prices heading into the late summer. Home sales should remain strong the next few months into the early fall.”

• 30-year fixed-rate mortgage averaged 2.99% with an average 0.8 point for the week ending July 30, 2020, down slightly from 3.01%. A year ago at this time, the 30-year FRM averaged 3.75%.

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• 15-year fixed-rate mortgage averaged 2.51% with an average 0.7 point, down from last week when it averaged 2.54%. A year ago at this time, the 15-year FRM averaged 3.20%.

• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.94% with an average 0.4 point, down from last week when it averaged 3.09%. A year ago at this time, the 5-year ARM averaged 3.46%.

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