Source: InMan
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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.
“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.”
This week’s 3.07 percent average 30-year fixed-rate mortgage is the lowest rate Freddie Mac has reported since it began recording average rates in 1971.
The 15-year fixed-rate mortgage averaged 2.56 percent, down slightly from last week’s 2.59 percent average and down from last year’s 3.18 percent average. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3 percent, down from last week’s 3.08 percent average and last year’s 3.45 percent average.
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