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Mortgage Rates Remained Under 3% This Past Week

Home buyers had another opportunity to snag ultra-low rates this past week. The 30-year fixed-rate mortgage averaged 2.98%, Freddie Mac reports.

“In light of the rising COVID-19 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,” says Sam Khater, Freddie Mac’s chief economist. “The good news is that with rates under 3%, refinancing continues to be attractive for many borrowers who financed before 2020. But for eager buyers, especially first-time home buyers, inventory continues to be extremely tight, and competition for available homes to purchase remains high.”

The National Association of REALTORS® estimates mortgage rates to average 3.2% by the end of the year.

Freddie Mac reports the following national averages with mortgage rates for the week ending April 29:

  • 30-year fixed-rate mortgages: averaged 2.98%, with an average 0.7 point, rising slightly from last week’s 2.97% average. Last year at this time, 30-year rates averaged 3.23%.
  • 15-year fixed-rate mortgages: averaged 2.31%, with an average 0.7 point, increasing from last week’s 2.29% average. A year ago, 15-year rates averaged 2.77%.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.64%, with an average 0.3 point, dropping from last week’s 2.83% average. A year ago, 5-year ARMs averaged 3.14%.

Freddie Mac reports average commitment rates along with average points to better reflect the total upfront cost of obtaining a mortgage.

Source: National Association of Realtors, Realtor Magazine.

Are you in the market for a Bucks County home to buy or sell? More than ever, you need expert, professional representation. Before you list your home for sale, call The John McClintock Team at 267‑759‑9518 for no obligation recommendations on pricing and an overview of our comprehensive marketing package that includes, home staging, brokers' open house, virtual tour, video tour and social media sharing.

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Information is deemed reliable but not guaranteed.