Mortgage Rates Stay Under Three Percent
Freddie Mac (OTCQB: FMCC) reported that the 30-year fixed-rate mortgage averaged 2.98% for the week ending April 29, 2021, slightly up from 2.97% the previous week. The 15-year fixed-rate mortgage rose to 2.31%, while the 5-year ARM decreased to 2.64%. Chief Economist Sam Khater noted that with rates under 3%, refinancing remains appealing, but tight inventory continues to challenge first-time homebuyers. A year ago, the 30-year FRM was at 3.23%.
- 30-year fixed-rate mortgage remains attractive at 2.98%, encouraging refinancing among existing homeowners.
- 15-year fixed-rate mortgage is also low at 2.31%, providing favorable borrowing conditions for longer-term loans.
- Tight housing inventory is leading to high competition, particularly affecting first-time homebuyers.
MCLEAN, Va., April 29, 2021 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 2.98 percent.
“In light of the rising COVID caseloads globally, U.S. Treasury yields stopped moving up a month ago and have remained within a narrow range as the market digests incoming economic data,” said Sam Khater, Freddie Mac’s Chief Economist. “The good news is that with rates under three percent, refinancing continues to be attractive for many borrowers who financed before 2020. But, for eager buyers, especially first-time homebuyers, inventory continues to be extremely tight and competition for available homes to purchase remains high.”
News Facts
- 30-year fixed-rate mortgage averaged 2.98 percent with an average 0.7 point for the week ending April 29, 2021, up slightly from last week when it averaged 2.97 percent. A year ago at this time, the 30-year FRM averaged 3.23 percent.
- 15-year fixed-rate mortgage averaged 2.31 percent with an average 0.7 point, up from last week when it averaged 2.29 percent. A year ago at this time, the 15-year FRM averaged 2.77 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.64 percent with an average 0.3 point, down from last week when it averaged 2.83 percent. A year ago at this time, the 5-year ARM averaged 3.14 percent.
The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.
MEDIA CONTACT:
Angela Waugaman
703-714-0644
Angela_Waugaman@FreddieMac.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a1b485b3-ae41-4dea-8445-916b1fe8e803
FAQ
What is the current average rate for a 30-year fixed-rate mortgage from Freddie Mac (FMCC)?
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