NEW YORK–It’s become a common refrain, but mortgage rate averages nationally have again hit “new lows."
According to Bankrate, the benchmark 30-year fixed-rate mortgage fell last week to 2.95% from 2.96%, based on the company’s weekly survey of large lenders.
One year ago the same average stood at was 3.81%. Four weeks ago, the rate was 2.99%. The 30-year fixed-rate average last week was 0.93 percentage points below the 52-week high of 3.88%, Bankrate reported.
The 30-year fixed mortgages in Bankrate’s survey had an average total of 0.30 discount and origination points.
Over the past 52 weeks, the 30-year fixed has averaged 3.35%. Last week’s rate is 0.40 percentage points lower than the 52-week average, Bankrate said.
Other mortgage data points:
- The 15-year fixed-rate mortgage fell to 2.37% from 2.38%
- The 5/1 adjustable-rate mortgage fell to 2.87% from 2.89%
- The 30-year fixed-rate jumbo mortgage was flat at 3.41%
Where Are Rates Going?
Mortgage experts surveyed by Bankrate’s were largely in agreement that rates are going to increase. Just 15% of those surveyed said rates will fall even further.
“Mortgage rates should rise on the Treasury surpassing 1% and improved prospects on another round of stimulus,” said Ralph McLaughlin, chief economist and senior vice president of analytics of Haus.