The average mortgage rate for a 30-year fixed loan fell four basis points last week to 2.73%, according to Freddie Mac’s Primary Mortgage Market Survey. This is the second week mortgage rates have ticked downwards since Jan. 14’s sudden jump, but still more closely resembles the rates seen around Thanksgiving.
The 15-year fixed mortgage rate also shifted downward to 2.2 from 2.21 the week prior.
Sam Khater, Freddie Mac’s chief economist, said last week’s drop was likely driven by the market’s reaction to a new administration in Washington, D.C. and COVID-19-related economic malaise.
With last week’s details ⇒
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