Monday, July 6, 2020 / by Vinny Steo
Mortgage Rates Hit All-Time Low
Mortgage rates reached a stunning new all-time-low heading into the July 4th holiday weekend, according to the latest data released Thursday by Freddie Mac. The average rate for a 30-year fixed-rate mortgage averaged 3.07 percent, down from 3.13 percent the week prior and 3.75 percent a year ago this time. Compared to this time last year, 30-year fixed rates were down by 68 basis points.
30-year fixed rates were also down by 187 basis points since November 2018’s most recent peak of 4.94%.
“Mortgage rates continue to slowly drift downward with a distinct possibility that the average 30-year fixed-rate mortgage could dip below 3 percent later this year,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “On the economic front, incoming data suggest the rebound in economic activity has paused in the last couple of weeks with modest declines in consumer spending and a pullback in purchase activity.”
· 30-year fixed rates fell by 6 basis points to 3.07% in the week. Rates were down from 3.75% from a year ago. The average fee also remained unchanged at 0.8 points.
· 15-year fixed decreased by 3 basis points to 2.56% in the week. Rates were down from 3.18% compared with a year ago. The average fee remained unchanged at 0.8 points.
· 5-year fixed rates slid by 8 basis points to 3.00% in the week. Rates were down by 45 points from last year’s 3.45%. The average fee decreased from 0.5 points to 0.3 points.