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Jason Taub - Realtor
Jason Taub - Realtor

Mortgage Rates Remain Under 3%

The average rate for a 30-year, fixed- rate mortgage rose to 2.98% from last week’s 2.97%. Tight inventory remains a problem, but low rates should still attract buyers.

MCLEAN, Va. – The 30-year fixed-rate mortgage (FRM) averaged 2.98% last week, according to Freddie Mac’s Primary Mortgage Market Survey. It’s stable compared to last week’s average rate of 2.97% – and it’s still below 3%.

“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,” says 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,” Khater adds. “But, for eager buyers, especially first-time homebuyers, inventory continues to be extremely tight and competition for available homes to purchase remains high.”

Snapshot of this week’s mortgage rates:

  • 30-year fixed-rate mortgages averaged 2.98% with an average 0.7 point for the week ending April 29, 2021, up slightly from last week’s 2.97%. A year ago, the 30-year FRM averaged 3.23%.

 

  • 15-year fixed-rate mortgages averaged 2.31% with an average 0.7 point, up from last week’s 2.29%. A year ago, the 15-year FRM averaged 2.77%.

 

  • 5-year Treasury-indexed hybrid adjustable-rate mortgages (ARM) averaged 2.64% with an average 0.3 point, down from last week’s 2.83%. A year ago, the 5-year ARM averaged 3.14%.

The survey considers conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit.

© 2021 Florida Realtors®. Reprinted with permission Florida Realtors. All rights reserved.

About Jason Taub - Realtor

Native South Floridian. Resident of downtown Fort Lauderdale for 8 years. Served on the Board of Directors for condo association of 400+ units. Extensive knowledge of the Fort Lauderdale area and Broward County. Buy, Sell, Rent - I've got you covered.

About D'Angelo Realty Group

From the inception of the downtown Fort Lauderdale condo market, consistently year after year, D’Angelo Realty Group has been the local market leader with a proven track record and longevity of listing and selling luxury estates in the greater East Fort Lauderdale area. Closing well over 1,200 condominium transactions and over $2 billion in real estate sales, the expertise within our full scale real estate brokerage will secure the highest market value for sellers and negotiate the most equitable price attainable for our buyers.

Contact Jason today for all of your real estate needs. Available 24/7.

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