Freddie Mac’s Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage (FRM) average has decreased to 2.93 percent, with an average 0.7 point. A year ago, the 30-year FRM averaged 3.13 percent.
The survey focuses on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit.
“Mortgage rates continue to drift down as markets concur with the view that inflation increases are temporary,” Sam Khater, Freddie Mac chief economist, said in a release.
“While mortgage rates are low, purchase demand has weakened over the last couple of months, primarily due to affordability constraints stemming from high home prices,” he said. “With inventory tight, the slowdown in demand has yet to impact prices, meaning the summer will likely remain a strong seller’s market.”
Other rates also decreased. The average for 15-year FRM was 2.24 percent with an average 0.6 point, down from 2.58 percent year-over-year. The average for 5-year Treasury-indexed hybrid adjustable-rate mortgage was 2.52 percent with an average 0.3 point, down from 3.09 year-over-year.