Mortgages inched up this week but stayed under 3%, according to the latest data from Freddie Mac (FM)
30-YR FIXED: Averaged 2.99% with an average 0.6 point which is up 4 basis points from last week but is still below the 3.18% average during the same time a year ago.
15-YR FIXED: Averaged 2.27% with an average 0.6 point, which was unchanged from last week. It is still below the 3.18% average during the same time a year ago.
Sam Khater, Freddie Mac’s Chief Economist, said in a statement, “There are many potential homebuyers who would like to take advantage of low mortgage rates, but competition is strong. For homeowners however, continued low rates make refinancing an option worth considering.”
