Mortgage rates moved lower once again, but don’t expect them to stay down for long

Mortgage rates fell for the second week in a row, but their decline may be short-lived.

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average slipped to 2.94 percent with an average 0.7 point. (Points are fees paid to a lender equal to 1 percent of the loan amount. They are in addition to the interest rate.) It was 2.96 percent a week ago and 3.28 percent a year ago.

Freddie Mac, the federally chartered mortgage investor, aggregates rates from around 80 lenders across the country to come up with weekly national averages. It uses rates for high-quality borrowers with strong credit scores and large down payments. Because of the criteria, these rates are not available to every borrower.

The survey is based on home purchase mortgages, which means rates for refinances may be higher. The price adjustment for refinance transactions that went into effect in December is adding to the cost. The adjustment, which applies to all Fannie Mae and Freddie Mac refinances, is 0.5 percent of the loan amount. That works out to $1,500 on a $300,000 loan.

The 15-year fixed-rate average dropped to 2.26 percent with an average 0.6 point. It was 2.3 percent a week ago and 2.72 percent a year ago. The five-year adjustable rate average tumbled to 2.59 percent with an average 0.3 point. It was 2.7 percent a week ago and 3.18 percent a year ago.

Here's how to contact Dan Chapman:
E-Mail: danc@fairwaymc.com
Phone: (425) 503-3209
Website: https://www.fairwayindependentmc.com/

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