Mortgages rates stayed under 3% falling slightly from the prior week, according to the latest data from Freddie Mac’s weekly survey (FM)
- 30-YR FIXED: Averaged 2.96% with an average 0.7 point. This is down 3 basis points from last week and down from the 3.21% it averaged a year ago.
- 15-YR FIXED: Averaged 2.23% with an average 0.6 point. This is down 4 basis points from last week and down from the 2.62% it averaged a year ago.
Sam Khater, Freddie Mac’s Chief Economist, said in a statement, “Despite the stronger economy, the housing market is experiencing a slowdown in purchase application activity due to modestly higher mortgage rates. However, it has yet to translate into a weaker home price trajectory because the shortage of inventory continues to cause pricing to remain elevated.”