Mortgages Remain Below Three Percent

Freddie Mac's Primary Mortgage Market Survey reported little movement in mortgage rates, with the 30-year fixed-rate mortgage averaged 2.98% for the week ending April 29, 2021. This is just a 0.01% increase from last week's average.

"In light of the rising COVID caseloads globally, U.S. Treasury yields stopped moving up a month ago and have remained within a narrow range as the market digests incoming economic data," said Sam Khater, Freddie Mac’s chief economist. "The good news is that with rates under three percent, refinancing continues to be attractive for many borrowers who financed before 2020. But, for eager buyers, especially first-time homebuyers, inventory continues to be extremely tight and competition for available homes to purchase remains high."

According to the survey, the 15-year fixed-rate mortgage averaged 2.31%, up slightly from the previous week's average of 2.29%. A year ago, the 15-year FRM averaged 2.77%. Meanwhile, the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.64%, down significantly from last week's average of 2.83%.