Mortgage rates below 3%, likely to remain the same 'through the summer': report
Mortgage loan company Freddie Mac Thursday released results of its market survey
Mortgage rates have dropped below 3% once again in 2021, with experts predicting that the rates are unlikely to change much throughout the summer.
Mortgage loan company Freddie Mac Thursday released results of its market survey, showing another month of sub-3% mortgage rates for an already favorable year to home owners.
The report cited 30-year fixed-rate mortgage averages of 2.98%, 15-year fixed-rate mortgage averages of 2.26% and 5-year Treasury-indexed hybrid adjustable rate mortgage averages of 2.54% – all good news if you’re looking to buy or refinance.
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Those rates will change throughout the year but are unlikely to change much.
"Rates are going to stay more or less fairly close to where they are… through the summer," Dick Lepre, senior loan adviser at RPM Mortgage, told Time.
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July is not the only month to see such favorable rates so far this year: May saw rates even lower, with 30-year fixed-rate mortgages averaging 2.95%, which continued into June, according to Market Watch.
Rates may change later in the year, though.
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"The upside risk to rates is, in my opinion, much higher, then the [possibility] of them dropping lower," said Rich Swerbinksy, president and COO at Mortgage Collaborative.
The rate already edged higher before those lower rates over the past two months.
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Low rates should continue to fuel strong demand to buy homes, and homeowners can sell for favorable prices, with the median price of all home types up around $10,000 from a year ago, according to Bryn Mawr Trust.