30-Year Mortgage Rates Fall to 2.88 Percent

In yet another unprecedented drop, the average 30-year mortgage rate fell to 2.88 percent, according to Freddie Mac’s latest Primary Market Mortgage Survey. This is the eighth record low this year.

Many economists attribute the latest drop to gridlock in Washington D.C. regarding another stimulus bill. Nearly 55.3 million Americans have been laid off since the nation went into lockdown in mid-march due to COVID-19.

*30-year fixed-rate mortgage averaged 2.88, down from last week when it averaged 2.99 percent. A year ago at this time, the 30-year FRM averaged 3.60 percent.  

On average, the monthly principal and interest payment on a 30-year fixed loan of $100,000 would now be $415.16, a savings of around $39 from a monthly payment of $454.65 last year.

*15-year fixed-rate mortgage averaged 2.44, down from last week when it averaged 2.51 percent. A year ago at this time, the 15-year FRM averaged 3.05 percent.  

On average, the monthly principal and interest payment on a 15-year fixed loan of $100,000 would now be $663.97, a savings of around $29 from a monthly payment of $692.99 last year.

*5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.9 percent, down from last week when it averaged 2.94 percent. A year ago at this time, the 5-year ARM averaged 3.36 percent.