Mortgage rates continued to inch lower this week as home buyers get another chance at securing ultra-low borrowing rates. Freddie Mac reports the average 30-year fixed-rate mortgage averaged 2.90%.
Home buyers can continue to benefit from low mortgage rates, particularly as home prices surge to a new record high of $350,300, Nadia Evangelou, senior economist at the National Association of REALTORS®, writes for the association’s Economists’ Outlook blog.
“Mortgage rates decreased this week following the dip in U.S. Treasury yields,” says Sam Khater, Freddie Mac’s chief economist. “While mortgage rates tend to follow Treasury yields closely, other factors can be impactful such as the labor markets, which are continuing to improve per last week’s jobs reports.”