30-Year Mortgage Rate Drops Below 3% Again

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Home buyers had another chance to snag lower rates this week. The 30-year fixed-rate mortgage averaged 2.98%, Freddie Mac reports.

“Economic growth remains steady and is bolstering more segments of the economy,” says Sam Khater, Freddie Mac’s chief economist. “Although low and stable mortgage rates have kept the housing market booming over recent months, a deterioration in affordability and for-sale inventory has led to a market slowdown.”

Freddie Mac reports the following national averages with mortgage rates for the week ending July 1:

• 30-year fixed-rate mortgages: averaged 2.98%, with an average 0.6 point, dropping from last week’s 3.02% average. Last year at this time, 30-year rates averaged 3.07%.
• 15-year fixed-rate mortgages: averaged 2.26%, with an average 0.7 point, falling from last week’s 2.34% average. A year ago, 15-year rates averaged 2.56%.
• 5-year hybrid adjustable-rate mortgages: averaged 2.54%, with an average 0.3 point, rising slightly from last week’s 2.53% average. A year ago, 5-year ARMs averaged 3%.

Freddie Mac reports commitment rates along with average points to better reflect the total upfront costs of the mortgage.