When many of us thought that they couldn’t get any lower, mortgage rates hit a new low this week. They are even getting close to the lowest averages recorded in history. Right now, the 30-year mortgage rate is nearing the record low of 3.31%, which occurred in November of 2012, according to Freddie Mac.
“Continuing fallout from the Brexit vote drove Treasury yields lower again this week,” says Sean Becketti, Freddie Mac’s chief economist. “ The 30-year fixed-rate mortgage followed Treasury yields, falling 7 basis points to 3.41 percent in this week’s survey. Mortgage rates have now dropped 15 basis points over the past two weeks, leaving them only 10 basis points above the all-time low.”
Here are the national averages with mortgage rates for this week from Freddie Mac:
- 30-year fixed-rate mortgage: averaged 3.41%, with an average 0.5 point, dropping from last week’s 3.48% average. Last year at this time, 30-year rates averaged 4.04%.
- 15-year fixed-rate mortgages: averaged 2.74%, with an average 0.4 point, falling from last week’s 2.78% average. A year ago, 15-year rates averaged 3.20%.
- 5-year hybrid adjustable-rate mortgages: averaged 2.68%, with an average 0.5 point, falling from last week’s 2.70% average. A year ago, 5-year ARMs averaged 2.93%.
National Association of Realtors