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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.