Vinny Steo
Vinny Steo
Owner/Broker

Mortgage Rates Hit All-Time Low

Mortgage Rates Hit All-Time Low

 

Mortgage rates hit an all time low. In fact, they 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. Compared to this time last year, 30-year fixed rates were down by 68 basis points. Beyond the statistics, when mortgage rates hit an all time low, there are usually opportunities for buyers and sellers!

30-year fixed rates were also down by 187 basis points since November 2018’s most recent peak of 4.94%.

“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.”

  • 30-year fixed rates fell by 6 basis points to 3.07% in the week. Rates were down from 3.75% from a year ago. The average fee also remained unchanged at 0.8 points.
  • 15-year fixed decreased by 3 basis points to 2.56% in the week. Rates were down from 3.18% compared with a year ago. The average fee remained unchanged at 0.8 points.
  • 5-year fixed rates slid by 8 basis points to 3.00% in the week. Rates were down by 45 points from last year’s 3.45%. The average fee decreased from 0.5 points to 0.3 points.

If you are in the market for buying or selling a home, Vinny Steo is your best choice in Bel Air, Maryland to help you. Call us at 410-220-0016 or fill out the form below.

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