Having ticked up to 2.79 percent from an all-time low of 2.65 percent three weeks ago, the average rate for a benchmark 30-year mortgage has since inched back down to 2.73 percent which is 78 basis points, or over 20 percent, below its mark at the same time last year and less than half the 30 year average for the 30-year rate (which is 5.91 percent).
At the same time, the average rate for a 15-year fixed mortgage, which had dropped to a new all-time low of 2.16 percent three weeks ago, has since inched up, and then down, to 2.20 percent, which is 80 basis points below its mark at the same time last year, while the average rate for a 5-year adjustable, which had jumped to an average rate of 3.12 percent, has ticked back down to 2.8 percent and is 44 basis points below its mark at the start of last year but still an inverted 7 basis points above the 30-year rate.
Properties outside of SF, such as those in south bay or east bay, are going thru the roof now. a 3/2 single family home in where I live used to list for $1.9M and go for $1.8M (circa March 2020). By Dec 2020, listed for $1.9M and goes for $2.3M, a historical new high, thanks to the low mortgage rates.
Suggest everyone watch the Q&A with Powell yesterday when an analyst asked him about the elevated property prices and stock prices.
UPDATE: Mortgage rates have remained relatively flat over the past week, with the 30-year rate unch(anged) at 2.73 percent, the 15-year rate having inched up 1 basis point to 2.21 percent and the 5-year rate down 2 basis points to 2.78 percent.