Skip to main content

Mortgage Rates Drop Below 3 Percent, Encouraging For Refis

Navi Persaud
Apr 22, 2021
Photo of a wooden house in the palm of a hand.

Mortgage rates retreated once again, this time falling back below 3%, according to Freddie Mac's Primary Mortgage Market Survey. According to the survey, the 30-year fixed-rate averaged 2.97%, down from last week's average of 3.04%.

"The drop in mortgage rates is good news for homeowners who are still looking to take advantage of the very low rate environment," said Sam Khater, Freddie Mac’s chief economist. "Freddie Mac research suggests that lower income and minority homeowners have been less likely to engage in the refinance market. Low and declining mortgage rates provide these homeowners the opportunity to reduce their monthly payment and improve their financial position."

Additionally, the survey reported that the 15-year fixed-rate mortgage decreased to 2.29%, down from 2.35% the previous week and 2.86% at the same time in 2020. The 5-year Treasury-indexed hybrid adjustable-rate mortgage increased slight from 2.80% to 2.83%.

Click here to view Freddie Mac's PMMS.

Freddie Mac Primary Mortgage Market Survey 04/22/2021

Ocwen Financial To Acquire Reverse Mortgage Servicing Platform

Ocwen Financial Corporation's wholly-owned subsidiary, PHH Mortgage Corporation will acquire RMS' reverse mortgage servicing platform.

Industry News
Jun 18, 2021
UniteCT Emergency Rental Assistance Succeeds

Thanks to the successful launch of the UniteCT program, emergency rental assistance funds are helping Connecticut residents maintain housing.

Industry News
Jun 17, 2021
Angel Oak Mortgage Announces Initial Public Offering

Angel Oak Mortgage announced its initial public offering of 7,200,000 shares of its common stock at $19 per share.

Industry News
Jun 17, 2021
Mortgage Apps Rebound After Three Consecutive Weeks Of Declines

The Mortgage Bankers Association reported the first increase in mortgage applications after a three consecutive weeks on declines.

Industry News
Jun 17, 2021
CFPB New Rule Prevents Predatory Lending To Military Service Members

The CFPB stipulates its authority to examine supervised financial institutions for risk to active duty servicemembers and their dependents.

Industry News
Jun 16, 2021
Inventory Begins A Slow Recovery

Inventory grew 3.9% from April to May, according to Zillow's latest Market Report, after a year of steady decline.

Industry News
Jun 16, 2021