Mortgage Rates Drop Below 3%, but the Reprieve May Not Last Long
Mortgage rates retreated below 3% this week, but the factors that pushed them higher in previous weeks remains—all while Americans grow increasingly frustrated with the competitive housing market.
The 30-year fixed-rate mortgage averaged 2.99% for the week ending Oct. 7, down two basis points from the previous week, Freddie Mac reported Thursday. Last year, this mortgage product carried an average interest rate of 2.87%.
The 15-year fixed-rate mortgage fell five basis points to an average of 2.23%, while the 5-year Treasury-indexed hybrid adjustable-rate mortgage rose by four basis point to an average of 2.52%.