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Mortgage rates fall below 3% for the first time in months

According to Freddie Mac’s Primary Mortgage Market Survey, the average mortgage rate on a 30-year fixed-rate mortgage fell to 2.97 percent for the week ended April 22.

Mortgage rates fell below 3 percent for the first time since Feb.25, opening up a potential increase in mortgage origins as more homeowners are eligible for refinancing.

According to Freddie Mac’s Primary Mortgage Market Survey, the average mortgage rate on a 30-year fixed-rate mortgage fell to 2.97 percent for the week ended April 22, 2021. This is clearly declining from last weeks 3.04 percent and compared to the previous year 3.33 percent. The last time the 30-year fixed rate fell below 3 percent was in the week ended February 25 when it hit 2.97 percent.

This is the third straight week of rate cuts, a trend that it is Drive Residential activity, which was beginning to slow, withdrew. According to the Mortgage Bankers Association (MBA), mortgage applications increased by a seasonally adjusted 8.6 percent for the week ending April 16, 2021. Weekly Mortgage Application Survey. The Market Composite Index, a measure of the volume of mortgage loan applications, rose 9 percent unadjusted from the US Last week.

“The decline in mortgage rates is good news for homeowners who are still looking for admission Benefit of the very low interest rate environment, ”said Freddie Mac Chief Economist Sam Khater. “Research by Freddie Mac suggests that lower-income homeowners and minority groups are less likely to be involved in the refinancing market. Low and falling mortgage rates offer these homeowners an opportunity to reduce their monthly payment and improve their financial condition. “

The 15-year fixed-rate mortgage averaged 2.29 percent, compared to last week when it averaged 2.35 percent. A year ago, the 15-year-old FRM at that point was much higher at 2.86 percent.

However, the five-year Treasury-indexed hybrid variable rate mortgage averaged 2.83 percent, compared to last week when it averaged 2.8 percent. A year ago, the 5-year ARM averaged 3.28 percent at this point.

Email Kelsey Ramírez

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