Mortgage rates stopped their 7-week climb with a 5 basis point drop this week, according to the Freddie Mac Primary Mortgage Market Survey (FM)
- 30-YR FIXED: Averaged 3.13% with an average 0.7 point which is down 5 basis point from last week and is below the 3.33% we saw at the same time last year.
- 15-YR FIXED: Average 2.42% with an average 0.6 point which is down 3 basis points from last week and is below the 2.77% we saw at the same time last year.
ANALYSIS: Sam Khater, Freddie Mac’s Chief Economist, said in a statement, “As the economy recovers, it should experience a strong rebound in the labor market. Combined, these positive signals will continue to bolster purchase demand. The drop in rates creates yet another opportunity for those who have not refinanced to take a look at the possibility.”
This should be a slight relief to would-be homeowners as they face rising home prices as CoreLogic reported earlier this week, “Home prices nationwide jumped 10.4% in February 2021 compared with February 2020.” (CL)