Mortgage rates dropped the same amount they climbed last week, according to the Freddie Mac Primary Mortgage Market Survey (FM)
- 30-YR FIXED: Averaged 2.96% with an average 0.6 point which is down 1 basis point from last week and is below the 3.26% we saw at the same time last year.
- 15-YR FIXED: Average 2.30% with an average 0.6 point which is down 1 basis point from last week and is below the 3.14% we saw at the same time last year.
Sam Khater, Freddie Mac’s Chief Economist, argued in a statement that the current situation is actually great for homebuyers, “Consumer income and spending are picking up, which is leading to an acceleration in economic growth. The combination of low and stable rates, coupled with an improving economy, is good for homebuyers.” He also notes that it is not too bad for homeowners either, “It’s also good for homeowners who may have missed prior opportunities to refinance and increase their monthly cash flow.”