Mortgage rates have been on a roller coaster ride this year, with rates decreasing slightly this week. According to Freddie Mac’s Primary Mortgage Market Survey, the average rate for a 30-year fixed mortgage was 3.03%, down from 3.06% last week. This is the lowest rate since the survey began in 1971.
The 15-year fixed-rate mortgage also decreased this week, from 2.56% to 2.53%. This is the lowest rate since the survey began in 1991.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) also decreased this week, from 2.91% to 2.88%. This is the lowest rate since the survey began in 2005.
The decrease in mortgage rates is due to a combination of factors, including a weak economy, low inflation, and the Federal Reserve’s decision to keep interest rates low.
The decrease in mortgage rates is good news for potential homebuyers, as it makes it easier to afford a home. However, it’s important to remember that mortgage rates can change quickly and without warning, so it’s important to be prepared for any changes that may occur.
It’s also important to remember that lenders may not always offer the lowest rate available. It’s important to shop around and compare different lenders to make sure you’re getting the best deal possible.
Overall, mortgage rates have decreased slightly this week, which is good news for potential homebuyers. However, it’s important to remember that rates can change quickly and without warning, so it’s important to be prepared for any changes that may occur. Additionally, it’s important to shop around and compare different lenders to make sure you’re getting the best deal possible.