Current mortgage rates fall to record low

Benchmark mortgage rate remains stable for the last three weeks

Current mortgage rates fall to record low

Thirty-year fixed-rate home loans have hovered under 3% for the past three weeks, continuing to benefit home buyers and those who want to refinance.

Freddie Mac reported Thursday that the 30-year fixed-rate mortgage dropped once again, down from 2.98% the previous week to 2.96% – the lowest point for the benchmark mortgage rate since mid-February.

The 15-year fixed-rate mortgage posted a one-basis-point decline from a week ago, down to an average of 2.3%. The 5-year Treasury-indexed adjustable-rate mortgage was 2.7%, up six basis points week over week.

“Consumer income and spending are picking up, which is leading to an acceleration in economic growth,” said Freddie Mac Chief Economist Sam Khater. “The combination of low and stable rates, coupled with an improving economy, is good for homebuyers. It’s also good for homeowners who may have missed prior opportunities to refinance and increase their monthly cash flow.”