Here’s welcome news for home shoppers: Borrowing costs got cheaper this week. Mortgage rates are back under 3% for the first time in weeks.
The 30-year fixed-rate mortgage averaged 2.97% this week, Freddie Mac reports.
The drop in rates this week followed a downward trend for the 10-year Treasury yield, which rates closely follow. The economy is gaining momentum, however, and consumers can expect mortgage rates to rise in the upcoming months, Nadia Evangelou, senior economist and director of forecasting for the National Association of REALTORS®, writes at the association’s Economists’ Outlook blog.