Mortgage Fall Under 3%

Mortgage rates surprisingly dipped under 3% for the week, according to the latest data from Feddie Mac

  • 30-YR FIXED: Averaged 2.95% with an average 0.7 point which is down 5 basis points from last week and is down from last year when it averaged 3.15%.
  • 15-YR FIXED: Averaged 2.27% with an average 0.6 point which is down 2 basis points from last week and is down from last year when it averaged 2.62%.

Sam Khater, Freddie Mac’s Chief Economist, pointed out the oppurntinuty for refis remains, “Mortgage rates are down below three percent, continuing to offer many homeowners the potential to refinance and increase their monthly cash flow…nearly $2 trillion in conforming mortgages have the ability to refinance and reduce their interest rate by at least half a percentage point.”