Benchmark Mortgage Rate Slips Back Under 3 Percent
August 1, 2020 Source: Socketsite
Having inched up last week, the average rate for a benchmark 30-year mortgage is now back under 3 percent by a basis point (2.99 percent) and 76 basis points below its mark at the same time last year (3.75 percent),according to Freddie Mac’s latest Mortgage Market Survey data.
At the same time, the average rate for a 15-year fixed mortgage is back down to 2.51 percent, which is 69 basis points below its mark at the same time last year, while the average rate for a 5-year adjustable has dropped 15 basis points to 2.94 percent and is back under 3 percent for the first time in nearly four years.
And while refinancing activity was effectively flat over the past week, but remains 121 percent higher versus the same time last year, purchase activity across the U.S. actually slipped 2 percent but is still 21 percent higher on a year-over-year basis, according to the Mortgage Bankers Association.