Skip to main content

Mortgage Rates Dip Below 3% Again

Navi Persaud
Jul 30, 2020
Nice home in daylight.

Mortgage rates decreased this week after seeing a small increase last week, according to Freddie Mac's Primary Mortgage Market Survey. The survey reports the 30-year fixed-rate mortgage averaged 2.99%, down from 3.01% from a week ago. It is still significantly lower than the 3.75% average from a year ago.

"It’s Groundhog Day in the mortgage market as rates continue to remain near historic lows, driving purchase demand over 20 percent above a year ago," said Sam Khater, Freddie Mac’s chief economist. "Real estate is one of the bright spots in the economy, with strong demand and modest slowdown in home prices heading into the late summer. Home sales should remain strong the next few months into the early fall."

The 15-year fixed-rate mortgage averaged 2.51%, down from 2.54% last week. A year ago, the 15-year fixed-rate mortgage averaged 3.20%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.94%, down from 3.09% last week.

Read Freddie Mac's full survey.

Freddie Mac Primary Mortgage Market Survey 07/30/2020

Jul 30, 2020
Guild Mortgage Acquires Cherry Creek Mortgage

Terms of purchase not disclosed; reverse mortgage volume added to Guild.

Mar 14, 2023
Vigilance, Dedication, And Commitment Forge Legends

Submit a nomination for Mortgage Banker Magazine’s Legends of Lending.

Mar 10, 2023
FTC Moves To Block Black Knight, ICE Merger

Says it 'would drive up costs, reduce innovation, and reduce lenders’ choices.'

Mar 09, 2023
Rocket Arms Brokers With Bully Shield Vs. UWM

Rocket covers penalties and court fees for brokers who want to get out of United Wholesale Mortgage’s ultimatum contract. 

Feb 06, 2023
Top Texas Originator Sees No Surrender To 2023

Big cities will determine the battle

Jan 26, 2023
There’s Good & Bad News On The Horizon

There will be a real estate slump, but the big cities are coming out much better

Jan 26, 2023