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Mortgage Rates Remain Under 3%

Mortgage rates continued to inch lower this week as home buyers get another chance at securing ultra-low borrowing rates. Freddie Mac reports the average 30-year fixed-rate mortgage averaged 2.90%.

Home buyers can continue to benefit from low mortgage rates, particularly as home prices surge to a new record high of $350,300, Nadia Evangelou, senior economist at the National Association of Realtors®, writes for the association's Economists' Outlook blog.

"Mortgage rates decreased this week following the dip in U.S. Treasury yields," says Sam Khater, Freddie Mac's chief economist. "While mortgage rates tend to follow Treasury yields closely, other factors can be impactful such as the labor markets, which are continuing to improve per last week's jobs reports."

Still, Khater expects economic growth to gradually drive interest rates higher. "But home buyers and refinance borrowers still have an opportunity to take advantage of 30-year rates that are expected to continue to hover around three percent," Khater says.

Freddie Mac reports the following national averages with mortgage rates for the week ending July 8:

Source: National Association of Realtors, Realtor Magazine

Are you considering selling and/or purchasing a Bucks, Montgomery, Delaware or Mercer County home? 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 dealing with bids, realistic prices and precise timing.

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Information is deemed reliable but not guaranteed.