Source: Crossroads Today —
The average rate for a 30-year fixed-rate mortgage dropped to 2.98% this week, according to Freddie Mac’s weekly survey.
It’s the second week in a row where the average rate has declined and the first time it has dipped below 3% since late September. The recent downward trend in rates is a bit unexpected, as most experts were forecasting rates would continue moving higher as the job marker improves and the Federal Reserve started pulling back support for the economy.
The average rate for a 15-year fixed-rate mortgage also dropped to 2.27%. The rate on a 5/1 adjustable-rate mortgage ticked down to 2.53%.