The average rate for a benchmark 30-year mortgage inched down another basis point (0.01 percentage points) over the past week to 2.71 percent, which is nearly a full percentage point (97 basis points) lower than the already historically-low rate of 3.68 percent that was on offer at the same time last year and the 14th new all-time low this year, according to Freddie Mac’s Mortgage Market Survey data.
At the same time, the average rate for a 15-year fixed mortgage inched down 2 basis points to a new all-time low of 2.26 percent, which is 88 basis points below its mark at the same time last year, while the average rate for a 5-year adjustable, which had spiked last week, dropped 30 basis points and is back down to 2.86 percent, which is 53 basis points below its mark at the same time last year and an inverted 15 basis points above than the average 30-year rate, all driven by a continued rise in pandemic-driven economic risks.
