Mortgage Rates Drop Below 3 Percent, Encouraging For Refis

Apr 22, 2021

Photo of a wooden house in the palm of a hand.

Director of Events

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

About the author

Navi Persaud

Director of Events

Navi Persaud is Director of Events at NMP.

Link copied

Published

Apr 22, 2021

Analysis and Data

It's A Buyers' Market In Texas And Florida!!!

Redfin says sellers are cutting their asking prices in the two southern states.

Two states in particular are experiencing a ballooning supply of homes for sale this spring, paired with modest price cuts to entice buyers. A new report from Redfin indicates that housing supply is surging in Florida and Texas, and sellers are cutting their asking prices...

Analysis and Data

Pending Home Sales Climbed 3.4% In March

National Association of Realtors reports gains in Northeast, South and West, with a slight drop in the Midwest

Homes under contract are rising at a cautiously hopeful pace this spring. The National Association of Realtors’ Pending home Sales Index climbed 3.4% in March, increasing to 78.2. Year-over-year, pending transactions were up 0.1%. “March's Pending Home Sales Index – at...