February 3rd, 2020 9:37 AM by Jackie A. Graves, President
This week, the average U.S. fixed rate for a 30-year mortgage
averaged 3.51%, dropping to the second-lowest level in three years.
The pace is now 95 basis points below the 4.46% rate of the
same week last year, according to the Freddie Mac Primary Mortgage
“This week’s mortgage
the second-lowest in three years,
leading to higher refinancing
activity,” said Sam Khater, Freddie Mac’s chief economist. “Borrowers who
take advantage of these low rates can improve their cash flow by lowering their
monthly mortgage payments, giving them more money to spend or save.”
According to the survey, the 15-year FRM averaged 3%
this week, sliding from last week’s rate of 3.04%. During the same time period
in 2019, the 15-year FRM came in at 3.89%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage
averaged 3.24% this week, falling from last week’s rate of 3.28%. This
time last year, the 5-year ARM averaged 3.96%.
The image below highlights this week’s changes:
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