1. 2020 Current Mortgage Rates [Primary Mortgage Market]
Based on the Freddie Mac Primary Mortgage Market Survey

2020 Current Average Mortgage Rates

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Average mortgage rates sunk to another all-time low just ahead of the Independence Day holiday weekend, according to the latest data from Freddie Mac.

5/7 5/14 5/21 5/28 6/4 6/11 6/18 6/25 7/2 3.26% 2.73% 3.17% 3.28% 2.72% 3.18% 3.24% 2.7% 3.17% 3.15% 2.62% 3.13% 3.18% 2.62% 3.1% 3.21% 2.62% 3.1% 3.13% 2.58% 3.09% 3.13% 2.59% 3.08% 3.07% 2.56% 3%
30-Year Fixed

The going rate for a 30-year fixed mortgage fell to 3.07 percent for the week ending July 2. That’s the lowest rate in the survey’s history dating to 1971.

15-Year Fixed

Average rates on a 15-year fixed mortgage dropped slightly from 2.59 percent to 2.56 percent. A year ago, the 15-year rate averaged 3.18 percent.

5/1 ARM

Rates on a 5-year adjustable-rate mortgage also declined, from 3.08 percent to 3 percent. Last year, it averaged 3.45 percent.

“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,” said Sam Khater, Freddie Mac’s chief economist.

The 30-year fixed rate averaged 3.13 percent the week before and was at 3.75 percent this time last year.

“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,” Khater added.

Week of June 25, 2020

A week after reaching an all-time low, mortgage rates remained unchanged this week.

4/30 5/7 5/14 5/21 5/28 6/4 6/11 6/18 6/25 3.23% 2.77% 3.14% 3.26% 2.73% 3.17% 3.28% 2.72% 3.18% 3.24% 2.7% 3.17% 3.15% 2.62% 3.13% 3.18% 2.62% 3.1% 3.21% 2.62% 3.1% 3.13% 2.58% 3.09% 3.13% 2.59% 3.08%
30-Year Fixed

According to the latest Freddie Mac Primary Mortgage Market Survey, the average 30-year fixed-rate ended the week of June 25 at 3.13 percent, unchanged from the week before. A year ago at this time, the 30-year rate was 3.73 percent.

15-Year Fixed

The average 15-year fixed-rate rose a single basis point from 2.58 percent to 2.59 percent. Last year it was 3.16 percent.

5/1 ARM

The average rate on a 5-year adjustable-rate mortgage fell by a basis point, from 3.09 percent to 3.08 percent. It averaged 3.39 percent at this time a year ago.

Bankrate on June 25 reported the 30-year fixed rate at 3.37 percent, the 15-year fixed rate at 2.85 percent and the 5-year ARM at 3.15 percent.

Mortgage News Daily listed the going rate for a 30-year fixed mortgage at 2.97 percent on June 25, the 15-year fixed at 2.62 percent, and the 5-year ARM at 2.98 percent.

Week of June 11, 2020

Mortgage rates remained mostly unchanged from week to week, according to the latest Freddie Mac Primary Mortgage Market Survey.

4/16 4/23 4/30 5/7 5/14 5/21 5/28 6/4 6/11 3.31% 2.8% 3.34% 3.33% 2.86% 3.28% 3.23% 2.77% 3.14% 3.26% 2.73% 3.17% 3.28% 2.72% 3.18% 3.24% 2.7% 3.17% 3.15% 2.62% 3.13% 3.18% 2.62% 3.1% 3.21% 2.62% 3.1%
30-Year Fixed

Freddie Mac’s survey showed the 30-year fixed-rate average rising slightly from 3.18 percent to 3.21 percent for the week ending June 11. A year ago, the 30-year rate averaged 3.82 percent.

15-Year Fixed

The 15-year fixed-rate stayed unchanged from last week at 2.62 percent. A year ago, the 15-year fixed-rate was 3.26 percent

5/1 ARM

The 5-year ARM remained unchanged as well at 3.10 percent this week, compared with 3.51 percent last year.

“The rebound in homebuyer demand continued this week, driven by mortgage rates that hover near record lows,” said Sam Khater, Freddie Mac’s chief economist. “This turnaround in demand, particularly by those who have higher incomes than the typical household, also reflects deferred sales from the spring.”

Another source for mortgage rates reported Thursday that average rates have fallen to record lows, with the 30-year fixed rate falling below 3 percent.

Mortgage News Daily said the average rate on the 30-year fixed mortgage hit 2.97 percent Thursday, with some lenders quoting rates as low as 2.75 percent.

Mortgage News Daily attributed the drop in mortgage rates to investors rushing to the relative safety of the bond market. Mortgage rates loosely follow the yield on the 10-year U.S. Treasury.

Meanwhile, Bankrate on June 11 reported the 30-year fixed rate at 3.49 percent, the 15-year fixed-rate at 2.81 percent and the 5-year ARM at 3.18 percent.

Week of June 4, 2020

There were mixed movements in mortgage rates this week, according to the latest Freddie Mac Primary Mortgage Survey.

4/9 4/16 4/23 4/30 5/7 5/14 5/21 5/28 6/4 3.33% 2.77% 3.4% 3.31% 2.8% 3.34% 3.33% 2.86% 3.28% 3.23% 2.77% 3.14% 3.26% 2.73% 3.17% 3.28% 2.72% 3.18% 3.24% 2.7% 3.17% 3.15% 2.62% 3.13% 3.18% 2.62% 3.1%
30-Year Fixed

For the week ending June 4, the average 30-year fixed-rate bumped up slightly to 3.18 percent. The week before, the 30-year rate reached an all-time low of 3.15 percent. A year ago at this time, the 30-year fixed-rate averaged 3.82 percent.

15-Year Fixed

The 15-year fixed-rate remains unchanged week-to-week at a considerably low 2.62 percent. Last year’s 15-year fixed rate was at 3.82 percent.

5/1 ARM

The average on a 5-year adjustable-rate mortgage edged downward from 3.13 percent to 3.10 percent. It was 3.52 percent at this time last year.

“While the economy is slowly rebounding, all signs continue to point to a solid recovery in home sales activity heading into the summer as prospective buyers jump back into the market. Low mortgage rates are a key factor in this recovery,” said Sam Khater, Freddie Mac’s chief economist.

“While homebuyer demand is up and has been broad-based across most geographies, supply has been slower to improve. In fact, the gap between supply and demand has widened even further than the large gap that existed prior to the pandemic.”

Week of May 28, 2020

In nearly half of century of conducting mortgage rate surveys, the average Freddie Mac 30-year fixed rate has never been lower than it was for the week ending May 28, 2020.

4/2 4/9 4/16 4/23 4/30 5/7 5/14 5/21 5/28 3.33% 2.82% 3.4% 3.33% 2.77% 3.4% 3.31% 2.8% 3.34% 3.33% 2.86% 3.28% 3.23% 2.77% 3.14% 3.26% 2.73% 3.17% 3.28% 2.72% 3.18% 3.24% 2.7% 3.17% 3.15% 2.62% 3.13%
30-Year Fixed

In this week’s survey, the average 30-year rate was 3.15 percent. That was down from 3.24 percent the week before and 3.99 percent at this time a year ago.

15-Year Fixed

The 15-year fixed-rate is also down significantly, ending the week at 2.62 percent. It fell eight basis points from 2.70 percent the week before. At this time last year, the 15-year fixed-rate averaged 3.46 percent.

5/1 ARM

The 5-year adjustable-rate mortgage averaged 3.13 percent, a decline from 3.17 percent the week before and from 3.60 last year.

“The 30-year fixed-rate mortgage has again hit the lowest level in our survey’s nearly 50-year history, breaking the record for the third time in just the last few months,” said Sam Khater, Freddie Mac’s chief economist.

“These unprecedented rates have certainly made an impact as purchase demand rebounded from a 35 percent year-over-year decline in mid-April to an 8 percent increase as of last week—a remarkable turnaround given the sharp contraction in economic activity,” said Khater. “

Additionally, refinance activity remains elevated and low mortgage rates have been accompanied by a $70,000 decline in the average loan size of refinance borrowers this year. This means a broader base of borrowers are taking advantage of the record low rate environment, which will benefit the economy.”

Week of May 21, 2020

According to the latest Freddie Mac Primary Mortgage Market Survey, all three major rates dropped slightly for the week ending May 21, continuing a trend that has seen rates hover near record lows since the onset of the COVID-19 pandemic.

3/26 4/2 4/9 4/16 4/23 4/30 5/7 5/14 5/21 3.5% 2.92% 3.34% 3.33% 2.82% 3.4% 3.33% 2.77% 3.4% 3.31% 2.8% 3.34% 3.33% 2.86% 3.28% 3.23% 2.77% 3.14% 3.26% 2.73% 3.17% 3.28% 2.72% 3.18% 3.24% 2.7% 3.17%
30-Year Fixed

The average 30-year fixed-rate fell to 3.24 percent this week, down from 3.28 percent the previous week. Last year’s 30-year rate averaged 4.06 percent.

15-Year Fixed

The 15-year rate averaged 2.70 percent, a modest decline from 2.72 percent the week before. A year ago, the 15-year fixed rate was at 3.51 percent.

5/1 ARM

The going rate for a 5-year adjustable-rate mortgage dropped a basis point from 3.18 percent to 3.17 percent. A year ago at this time, the 5-year ARM averaged 3.68 percent.

“For the fourth consecutive week, the 30-year fixed-rate mortgage has been below 3.30 percent, giving potential buyers a good reason to continue shopping even amid the pandemic,” said Sam Khater, Freddie Mac’s chief economist.

“As states reopen, we’re seeing purchase demand improve remarkably fast, now essentially flat relative to a year ago. Going forward, mortgage rates have room to decline as mortgage spreads remain elevated.”

Week of May 14, 2020

According to Freddie Mac, mortgage rates held steady this past week at historically low levels.

3/19 3/26 4/2 4/9 4/16 4/23 4/30 5/7 5/14 3.65% 3.06% 3.11% 3.5% 2.92% 3.34% 3.33% 2.82% 3.4% 3.33% 2.77% 3.4% 3.31% 2.8% 3.34% 3.33% 2.86% 3.28% 3.23% 2.77% 3.14% 3.26% 2.73% 3.17% 3.28% 2.72% 3.18%
30-Year Fixed

The average 30-year rate for the week was 3.28 percent. That was slightly higher than 3.26 percent the week before. A year ago at this time, Freddie Mac listed the average rate on a 30-year fixed at 4.07 percent.

15-Year Fixed

The 15-year rate for the week averaged 2.72 percent, down a basis point from 2.73 percent the week before. A year ago at this time, Freddie Mac listed the average rate on a 15-year fixed at 3.53 percent.

5/1 ARM

The 5-year ARM rate rose a point from 3.17 percent to 3.18 for the week. A year ago at this time, Freddie Mac listed the average rate on a 5-year ARM at 3.66 percent.

“Mortgage rates have stabilized at very low levels over the last few weeks as homebuyer demand slowly improves,” said Sam Khater, Freddie Mac’s chief economist.

“Although purchase applications reached a new low in mid-April, today purchase demand is only down 10 percent from one year ago. While demand is improving, inventory is low and declining with no signs of a turnaround yet.”

Week of May 7, 2020

Mortgage rates remained near record lows this week with the 30-year fixed up slightly and the 15-year fixed pushed further downward.

3/12 3/19 3/26 4/2 4/9 4/16 4/23 4/30 5/7 3.36% 2.77% 3.01% 3.65% 3.06% 3.11% 3.5% 2.92% 3.34% 3.33% 2.82% 3.4% 3.33% 2.77% 3.4% 3.31% 2.8% 3.34% 3.33% 2.86% 3.28% 3.23% 2.77% 3.14% 3.26% 2.73% 3.17%
30-Year Fixed

In the latest Freddie Mac Primary Mortgage Market Survey, the 30-year rate averaged 3.26 percent during the week ending May 7. That was an increase over the 3.23 percent average the week before. Last year, it was 4.10 percent.

15-Year Fixed

This week’s 15-year fixed rate averaged 2.73 percent, down from 2.77 percent the week before. Last year’s average was 3.57 percent.

5/1 ARM

The average rate on the 5-year adjustable-rate mortgage was 3.17 percent this week. That was up from 3.14 percent the week before. A year ago at this time, the 5-year ARM averaged 3.63 percent.

“Mortgage rates stayed at or near record lows for the fifth straight week and homeowners are taking advantage with refinance activity remaining high,” said Sam Khater, Freddie Mac’s chief economist.

“Although purchase demand declined 35 percent year-over-year in mid-April, demand has improved modestly over the last three weeks.”

On May 7, Bankrate.com listed the current average 30-year fixed mortgage rate at 3.54 percent; 15-year fixed at 3.15 percent; and a 5-year ARM at 3.33 percent.

Week of April 30, 2020

In the nearly 50-year history of the Freddie Mac Primary Mortgage Market Survey, the 30-year fixed mortgage rate has never been lower than it was this past week.

3/5 3/12 3/19 3/26 4/2 4/9 4/16 4/23 4/30 3.29% 2.79% 3.18% 3.36% 2.77% 3.01% 3.65% 3.06% 3.11% 3.5% 2.92% 3.34% 3.33% 2.82% 3.4% 3.33% 2.77% 3.4% 3.31% 2.8% 3.34% 3.33% 2.86% 3.28% 3.23% 2.77% 3.14%
30-Year Fixed

For the week ending April 30, the 30-year rate dropped to 3.23 percent, down from 3.23 percent the week before. A year ago, the 30-year rate averaged 4.14 percent.

15-Year Fixed

The average 15-year rate also continued to fall. It averaged 2.77 percent for the week, compared to 2.86 percent the week before. It was 3.60 percent at this time last year.

5/1 ARM

The going rate on 5-year adjustable-rate mortgages sunk 14 basis points from 3.28 percent to 3.14 percent. A year ago at this time, the 5-year ARM averaged 3.68 percent.

“The size and depth of the secondary mortgage market is helping to keep rates at record lows. These low rates are driving higher refinance activity and have modestly helped improve purchase demand from their extremely low levels in mid-April,” said Sam Khater, Freddie Mac’s chief economist.

“While many people are benefitting from low mortgage rates, it’s important to remember that not all people are able to take advantage of them given the current pandemic.”

Week of April 23, 2020

Fixed mortgage rates rose slightly this week according to the latest Freddie Mac Primary Mortgage Market Survey.

2/27 3/5 3/12 3/19 3/26 4/2 4/9 4/16 4/23 3.45% 2.95% 3.2% 3.29% 2.79% 3.18% 3.36% 2.77% 3.01% 3.65% 3.06% 3.11% 3.5% 2.92% 3.34% 3.33% 2.82% 3.4% 3.33% 2.77% 3.4% 3.31% 2.8% 3.34% 3.33% 2.86% 3.28%
30-Year Fixed

For the week ending April 23, the average 30-year fixed rate was 3.33 percent. That marked an increase of two basis points from the previous week, when the average 30-year rate was 3.31 percent. Last year’s average was 4.20 percent.

15-Year Fixed

The average 15-year fixed-rate climbed six basis points this week, from 2.80 percent to 2.86 percent. A year ago at this time, the 15-year rate was 3.64 percent.

5/1 ARM

The five-year rate on an adjustable-rate mortgage averaged 3.28 percent. It was 3.34 percent the week before and 3.77 percent at this time last year.

“Mortgage rates have stabilized over the last few weeks as the market searches for direction in the fog of economic data,” said Sam Khater, Freddie Mac’s chief economist.

“While financial markets initially rallied on the news of Federal Reserve support and are improving due to the Senate’s passage of a new small business stimulus, we continue to see a deep economic contraction amidst uncertainty about the recovery formation.”

On April 23, Bankrate.com listed the current average 30-year fixed mortgage rate at 3.57 percent; 15-year fixed at 3.15 percent; and a 5-year ARM at 3.38 percent.

Week of April 16, 2020

Homeowners continue to take advantage of near record-low mortgage rates to refinance their current loans.

2/20 2/27 3/5 3/12 3/19 3/26 4/2 4/9 4/16 3.49% 2.99% 3.25% 3.45% 2.95% 3.2% 3.29% 2.79% 3.18% 3.36% 2.77% 3.01% 3.65% 3.06% 3.11% 3.5% 2.92% 3.34% 3.33% 2.82% 3.4% 3.33% 2.77% 3.4% 3.31% 2.8% 3.34%
30-Year Fixed

According to the latest Freddie Mac Primary Mortgage Market Survey, the average 30-year fixed-rate fell from 3.33 percent to 3.31 percent for the week. A year ago the 30-year rate averaged 4.17 percent.

15-Year Fixed

Rates on 15-year fixed mortgages rose slightly from 2.77 percent to 2.80 percent. Last year’s 15-year fixed rate averaged 3.62 percent.

5/1 ARM

The average rate on 5-year adjustable-rate mortgages was 3.34 percent this week, down from 3.40 percent the week before. A year ago at this time, the 5-year ARM averaged 3.78 percent.

“Mortgage rates continue to hover near all-time lows for the third straight week. As a result, refinance activity remains high, but home purchase demand is weak due to economic tightening,” said Sam Khater, Freddie Mac’s chief economist.

Rates moved little during the week ending April 16, remaining at a level where it’s advantageous for some borrowers to refinance into a lower rate.

“While new monthly economic data are driving markets lower this week, they are a lagging indicator and should be priced in already,” said Khater.

“Real time daily economic activity metrics suggest that the economy will likely not decline much further. Going forward, the key question is no longer the depth of the economic contraction, but the duration.”

Week of April 9, 2020

Mortgage rates remained largely unchanged during the week ending April 9.

2/13 2/20 2/27 3/5 3/12 3/19 3/26 4/2 4/9 3.47% 2.97% 3.28% 3.49% 2.99% 3.25% 3.45% 2.95% 3.2% 3.29% 2.79% 3.18% 3.36% 2.77% 3.01% 3.65% 3.06% 3.11% 3.5% 2.92% 3.34% 3.33% 2.82% 3.4% 3.33% 2.77% 3.4%
30-Year Fixed

According to the latest Freddie Mac Primary Mortgage Market Survey, the average 30-year fixed-rate mortgage remained at 3.33 percent for the week.

15-Year Fixed

The 15-year fixed-rate dropped slightly from 2.82 percent to 2.77 percent.

5/1 ARM

The average on a 5-year adjustable-rate mortgage was unchanged at 3.40 percent.

“While mortgage rates remained flat over the last week, there is room for rates to move down,” said Sam Khater, Freddie Mac’s chief economist.

“This year the 10-year Treasury market has declined by over a full percentage point, yet mortgage rates have only declined by one-third of a point. As financial markets continue to heal, we expect mortgage rates will drift lower in the second half of 2020.”

A year ago at this time, the average rates on 30-year fixed, 15-year fixed and 5-year ARMS were 4.12 percent, 3.60 percent, and 3.80 percent, respectively.

On April 9, Bankrate.com listed the current average 30-year fixed mortgage rate at 3.73 percent; 15-year fixed at 3.23 percent; 30-year fixed jumbo rate at 3.86 percent; and a 5-year ARM at 3.49 percent.

Week of April 2, 2020

As the COVID-19 pandemic rages on, driving unemployment up and the stock market down, there is a silver lining for consumers: mortgage rates are in a virtual freefall.

2/6 2/13 2/20 2/27 3/5 3/12 3/19 3/26 4/2 3.45% 2.97% 3.32% 3.47% 2.97% 3.28% 3.49% 2.99% 3.25% 3.45% 2.95% 3.2% 3.29% 2.79% 3.18% 3.36% 2.77% 3.01% 3.65% 3.06% 3.11% 3.5% 2.92% 3.34% 3.33% 2.82% 3.4%
30-Year Fixed

According to the latest Freddie Mac Primary Mortgage Market Survey, the average 30-year fixed mortgage rate dropped to 3.33 percent for the week ending April 2. That’s compared to 3.5 percent the week before and 4.08 percent a year ago.

15-Year Fixed

The average 15-year fixed-rate fell from 2.92 percent to 2.82 percent. A year ago at this time, the 15-year rate averaged 3.56 percent.

5/1 ARM

Rates on 5-year adjustable-rate mortgages averaged 3.4 percent this week, up from 3.34 percent the week before. Last year, the average was 3.66 percent.

While some may hesitate to buy or sell a home in the current environment, it may be an ideal time to refinance. “Mortgage rates have drifted down for two weeks in a row and that drop reflects improvements in market liquidity and sentiment,” said Sam Khater, Freddie Mac’s chief economist.

“While the market has stabilized relative to prior weeks, homebuyer demand has declined in response to current economic conditions. The good news is that the pending economic stimulus is on the way and will provide support for both consumers and businesses.”

To demonstrate the possible benefits of refinancing in this environment, say you purchased a home in April 2010 with a $250,000 mortgage loan for 30 years. The average 30-year rate was 5 percent that month. Your monthly principal and interest payment would be $1,342. Your principal balance at the end of 10 years would be $198,827.

If you refinance the entire balance into another 30-year loan at this week’s average rate, your new monthly principal and balance payment would total $894. That’s a monthly savings of $448.

If you decide to just lower your rate and leave the payment schedule at 20 years, your new rate would be around 3.89 percent. That produces a monthly savings of $116.

Week of March 26, 2020

The Federal Reserve’s efforts to help the economy deal with the COVID-19 outbreak pushed mortgage rates down for the first time in three weeks.

1/30 2/6 2/13 2/20 2/27 3/5 3/12 3/19 3/26 3.51% 3.00% 3.24% 3.45% 2.97% 3.32% 3.47% 2.97% 3.28% 3.49% 2.99% 3.25% 3.45% 2.95% 3.2% 3.29% 2.79% 3.18% 3.36% 2.77% 3.01% 3.65% 3.06% 3.11% 3.5% 2.92% 3.34%
30-Year Fixed

The average rate for a 30-year fixed mortgage dropped to 3.50 percent during the week ending March 26. The week before, 30-year rates averaged 3.65 percent. Last year, the 30-year rate was 4.06 percent.

15-Year Fixed

Fifteen-year fixed rates fell below 3 percent again, ending the week at 2.92 percent. That was down from 3.06 percent the week before and 3.57 percent a year ago.

5/1 ARM

Average rates on 5-year adjustable-rate mortgages rose this week from 3.11 percent to 3.34 percent. A year ago at this time, the 5-year ARM averaged 3.75 percent.

“Similar to other segments of the economy, real estate demand is softening,” said Sam Khater, Freddie Mac’s chief economist. “However, the combination of the Fed’s actions and pending economic stimulus will provide substantial support to the mortgage markets.”

Bankrate.com listed the current 30-year fixed mortgage rate at 3.79 percent; 15-year fixed at 3.29 percent; 30-year jumbo rates at 3.84 percent; and a 5-year ARM at 3.43 percent.

Week of March 19, 2020

Two weeks after sinking to record lows, mortgage rates jumped in the latest Freddie Mac Primary Mortgage Market Survey.

1/23 1/30 2/6 2/13 2/20 2/27 3/5 3/12 3/19 3.60% 3.04% 3.28% 3.51% 3.00% 3.24% 3.45% 2.97% 3.32% 3.47% 2.97% 3.28% 3.49% 2.99% 3.25% 3.45% 2.95% 3.2% 3.29% 2.79% 3.18% 3.36% 2.77% 3.01% 3.65% 3.06% 3.11%
30-Year Fixed

For the week ending March 19, the average 30-year fixed rate jumped nearly 30 basis points from the week before. It was 3.65 percent this week, up from 3.36 percent the week before. Last year, 30-year rates averaged 4.28 percent.

15-Year Fixed

The average 15-year rate climbed as well, from 2.77 percent to 3.06 percent. A year ago, 15-year rates averaged 3.71 percent.

5/1 ARM

Rates for 5-year adjustable-rate mortgages rose from 3.01 percent to 3.11 percent this week. Last year at this time, the 5-year ARM averaged 3.84 percent.

“Mortgage rates rose again this week as lenders increased prices to help manage skyrocketing refinance demand. This is expected to be a short-term phenomenon as lenders work through their backlog,” said Sam Khater, Freddie Mac’s chief economist. “On the purchase front, daily loan purchase applications were rising as of mid-February but started to decline last Friday.”

Bankrate.com listed the current 30-year fixed mortgage rate at 3.98 percent; 15-year fixed at 3.20 percent; 30-year jumbo rates at 4.08 percent; and a 5-year ARM at 3.45 percent.

Week of March 12, 2020

Mortgage rate movements were mixed this week as the COVID-19 coronavirus threatened many parts of the U.S. economy with more impact expected over the next several weeks.

1/16 1/23 1/30 2/6 2/13 2/20 2/27 3/5 3/12 3.65% 3.09% 3.39% 3.60% 3.04% 3.28% 3.51% 3.00% 3.24% 3.45% 2.97% 3.32% 3.47% 2.97% 3.28% 3.49% 2.99% 3.25% 3.45% 2.95% 3.2% 3.29% 2.79% 3.18% 3.36% 2.77% 3.01%
30-Year Fixed

The average rate on a 30-year mortgage moved upward, ending the week of March 12 at 3.36 percent. That was seven basis points higher than the 3.29 percent record low average the week before. Last year, the average 30-year rate was 4.31 percent.

15-Year Fixed

Rates on 15-year fixed loans fell slightly this week, from 2.79 percent to 2.77 percent. A year ago at this time, the 15-year average rate was 3.76.

5/1 ARM

The average on a 5-year adjustable-rate mortgage dove this week to 3.01 percent. That was down from 3.18 percent the week before and 3.84 percent last year.

“As refinance applications continue to surge and lenders work to manage capacity, the 30-year fixed-rate mortgage ticked up from last week’s all-time low,” said Sam Khater, Freddie Mac’s chief economist.

“Mortgage rates remain at extraordinary levels and many homeowners are smartly weighing their options to refinance, potentially saving themselves money.”

Week of March 5, 2020

The average 30-year fixed mortgage rank sunk to an all-time low this week, as the spreading coronavirus raises deep concerns about the domestic and global economies.

1/9 1/16 1/23 1/30 2/6 2/13 2/20 2/27 3/5 3.64% 3.07% 3.30% 3.65% 3.09% 3.39% 3.60% 3.04% 3.28% 3.51% 3.00% 3.24% 3.45% 2.97% 3.32% 3.47% 2.97% 3.28% 3.49% 2.99% 3.25% 3.45% 2.95% 3.2% 3.29% 2.79% 3.18%
30-Year Fixed

According to the latest Freddie Mac Primary Mortgage Market Survey, 30-year rates averaged 3.29 percent for the week ending March 5. That’s the lowest rate since the survey began in 1971. The week before, the 30-year rate was 3.45 percent. A year ago, it was 4.41 percent.

15-Year Fixed

The average 15-year fixed mortgage rate plummeted from 2.95 percent to 2.79 in the latest survey. A year ago at this time, the 15-year rate averaged 3.83 percent.

5/1 ARM

Rates for 5-year adjustable-rate mortgages dropped slightly from 3.20 percent to 3.18 percent. Last year’s average was 3.87 percent.

“Meanwhile, mortgage applications increased 10 percent last week from one year ago and show no signs of slowing down,” said Sam Khater, Freddie Mac’s chief economist. “Given these strong indicators in rates and sales, as well as recent increases in new construction, it’s clear the housing market continues to be a positive force for the broader economy.”

Mortgage rates have steadily declined all year. This is related to the negative economic impact of the COVID-19 coronavirus outbreak that started in December 2019.

Rates typically track the yield on the 10-year Treasury, which fell below 1 percent for the first time this week. This happened after the Federal Reserve cut its benchmark interest rate, which it did to minimize the impact of COVID-19 on the domestic economy.

Week of February 27, 2020

Mortgage rates moved back downward this week, according to the latest Freddie Mac Primary Mortgage Market Survey.

1/2 1/9 1/16 1/23 1/30 2/6 2/13 2/20 2/27 3.72% 3.16% 3.46% 3.64% 3.07% 3.30% 3.65% 3.09% 3.39% 3.60% 3.04% 3.28% 3.51% 3.00% 3.24% 3.45% 2.97% 3.32% 3.47% 2.97% 3.28% 3.49% 2.99% 3.25% 3.45% 2.95% 3.2%
30-Year Fixed

For the week ending February 27, the average 30-year fixed mortgage rate fell to 3.45 percent, from 3.49 percent the week before. A year ago it was 4.35 percent.

15-Year Fixed

The average 15-year fixed-rate stayed below 3 percent, falling from 2.99 percent to 2.95 percent. Last year’s average was 3.77 percent.

5/1 ARM

Average rates for 5-year adjustable-rate mortgages were 3.20 percent this week. That was down from 3.25 percent the week before. A year ago at this time, 5-year ARMs averaged 3.84 percent.

“Given the recent volatility of the ten-year Treasury yield, it’s not surprising that mortgage rates again have dropped,” said Sam Khater, Freddie Mac’s chief economist. “These low rates combined with high consumer confidence continue to drive home sales upward, a trend that is likely to endure as we enter spring.”

Bankrate.com listed the current 30-year fixed mortgage rate at 3.66 percent; 15-year fixed at 3.15 percent; 30-year jumbo rates at 3.7 percent; and a 5-year ARM at 3.6 percent.

Week of February 20, 2020

Mortgage rates moved a few basis points this week, according to the latest Freddie Mac Primary Mortgage Market Survey.

12/26 1/2 1/9 1/16 1/23 1/30 2/6 2/13 2/20 3.74% 3.19% 3.45% 3.72% 3.16% 3.46% 3.64% 3.07% 3.30% 3.65% 3.09% 3.39% 3.60% 3.04% 3.28% 3.51% 3.00% 3.24% 3.45% 2.97% 3.32% 3.47% 2.97% 3.28% 3.49% 2.99% 3.25%
30-Year Fixed

Average 30-year fixed rates edged up from 3.47 percent to 3.49 percent during the week ending February 20. Last year, the going rate was 4.35 percent.

15-Year Fixed

The average 15-year mortgage rate was 2.99 percent this week. That was up two basis points from 2.97 percent the week before. A year ago at this time, the 15-year rate averaged 3.78 percent.

5/1 ARM

The rate for 5-year adjustable-rate mortgages averaged 3.25 percent, down from 3.28 percent the week before and 3.84 percent the year before.

“The low mortgage rate environment continues to spur homebuying activity, with applications to purchase a home up fifteen percent from a year ago,” said Sam Khater, Freddie Mac’s chief economist.

“We’ve seen new residential construction surge over the last few months, on pace to reach the highest level in more than a decade. This is a good sign for the inventory-starved housing market and is a promising indication for the spring homebuying season.”

Bankrate.com listed the current 30-year fixed mortgage rate at 3.70 percent; 15-year fixed at 3.19 percent; 30-year jumbo rates at 3.73 percent; and a 5-year ARM at 3.66 percent.

Week of February 13, 2020

Mortgage rates moved little this week, with the 30-year fixed rate rising slightly for the first time this year.

12/19 12/26 1/2 1/9 1/16 1/23 1/30 2/6 2/13 3.73% 3.19% 3.37% 3.74% 3.19% 3.45% 3.72% 3.16% 3.46% 3.64% 3.07% 3.30% 3.65% 3.09% 3.39% 3.60% 3.04% 3.28% 3.51% 3.00% 3.24% 3.45% 2.97% 3.32% 3.47% 2.97% 3.28%
30-Year Fixed

According to the latest Freddie Mac Primary Mortgage Survey, 30-year fixed rates averaged 3.47 during the week ending February 13. The week before, the rate was 3.45 percent. Last year, it was 4.37 percent.

15-Year Fixed

The average rate for a 15-year fixed mortgage was unchanged at 2.97 percent. A year ago at this time, it was 3.81 percent.

5/1 ARM

Five-year adjustable-rate mortgages carried an average rate of 3.28 this week, down from 3.32 percent the week before. A year ago, the 5-year ARM averaged 3.88 percent.

“With mortgage rates hovering near a five-decade low, refinance application activity is once again surging, rising to the highest level in seven years,” said Sam Khater, Freddie Mac’s chief economist. “This surge coupled with strong purchase activity means that total mortgage demand remains robust, reflective of a solid economic backdrop and a very low mortgage rate environment.”

Bankrate.com listed the current 30-year fixed mortgage rate at 3.60 percent; 15-year fixed at 3.11 percent; 30-year jumbo rates at 3.61 percent; and a 5-year ARM at 3.52 percent.

Week of February 6, 2020

Fixed mortgage rates fell for the third consecutive week, according to the latest Freddie Mac Primary Mortgage Market Survey.

12/12 12/19 12/26 1/2 1/9 1/16 1/23 1/30 2/6 3.73% 3.19% 3.36% 3.73% 3.19% 3.37% 3.74% 3.19% 3.45% 3.72% 3.16% 3.46% 3.64% 3.07% 3.30% 3.65% 3.09% 3.39% 3.60% 3.04% 3.28% 3.51% 3.00% 3.24% 3.45% 2.97% 3.32%
30-Year Fixed

For the week ending February 6, the 30-year fixed-rate averaged 3.45 percent. That was down from 3.51 percent the week before. The current rate is almost a full percentage point below last year when it was 4.41 percent.

15-Year Fixed

Rates for 15-year fixed mortgages dropped to below 3 percent, to 2.97 percent for the week. A year ago at this time, the 15-year rate averaged 3.84 percent.

5/1 ARM

Five-year adjustable-rate mortgage rates rose from 3.24 percent to 3.32 percent. Last year, it was 3.91 percent. Short term disability insurance is important.

“As rates fell for the third consecutive week, markets staged a rebound with increases in manufacturing and service sector activity,” said Sam Khater, Freddie Mac’s chief economist. “The combination of very low mortgage rates, a strong economy and more positive financial market sentiment all point to home purchase demand continuing to rise over the next few months.”

Bankrate.com listed the current 30-year fixed mortgage rate at 3.64 percent; 15-year fixed at 3.15 percent; 30-year jumbo rates at 3.73 percent; and a 5-year ARM at 3.36 percent.

According to Bankrate’s latest expert survey, about half of respondents predict rates to increase over the next week. Forty percent anticipate rates to hold steady while only 10 percent think mortgage rates will fall yet again in the coming week.

Week of January 30, 2020

Mortgage rates dropped again this week to close out the first month of the new decade.

12/5 12/12 12/19 12/26 1/2 1/9 1/16 1/23 1/30 3.68% 3.14% 3.39% 3.73% 3.19% 3.36% 3.73% 3.19% 3.37% 3.74% 3.19%