Mortgage rates inched down this week with the 30-year fixed rate averaging 2.98 per cent according to Freddie Mac Primary Mortgage Market Survey released today.
Freddie Mac Chief Economist Sam Khater said economic growth remains steady and is bolstering more segments of the economy. But while low and stable mortgage rates have kept the housing market booming over recent months, Khater said a deterioration in affordability and for-sale inventory has led to a market slowdown.
•30-year fixed-rate mortgage averaged 2.98 percent with an average 0.6 point for the week ending July 1, 2021, down from last week when it averaged 3.02 percent. A year ago at this time, the 30-year FRM averaged 3.07 percent.
•15-year fixed-rate mortgage averaged 2.26 percent with an average 0.7 point, down from last week when it averaged 2.34 percent. A year ago at this time, the 15-year FRM averaged 2.56 percent.
•5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.54 percent with an average 0.3 point, up slightly from last week when it averaged 2.53 percent. A year ago at this time, the 5-year ARM averaged 3.00 percent.
Consumers looking for a mortgage can check daily market mortgage rates published by such sources as Mortgage News Daily that follow rates or with mortgage providers.