Having inched down another 4 basis points (0.04 percentage points) over the past week, the average rate for a benchmark 30-year mortgage now measures 3.03 percent, which is 72 basis points below its mark at the same time last year, another new all-time low and within 4 basis points of an unprecedented sub-3 percent average rate, according to Freddie Mac’s latest Mortgage Market Survey data.
At the same time, the average rate for a 15-year fixed mortgage has inched down another 5 basis points to 2.51 percent, which is 71 basis points below its mark at the same time last year and a new all-time low as well, while the average rate for a 5-year adjustable inched up 2 basis points to 3.02 percent, which is 44 basis points below its mark at the same time last year but 46 basis points above its all-time low of 2.56 percent which it hit back in 2013.
Keep in mind that the 30-year rate has averaged a little over 6 percent over the past 30 years and closer to 8 percent over the longer-term.
