The average 30-year fixed-rate mortgage fell two basis points from the week prior to 2.88%, according to mortgage rates data released Thursday by Freddie Mac‘s PMMS.
According to Sam Khater, Freddie Mac’s chief economist, the decline provides modest relief to those who are looking to buy homes in a tough market, with scant inventory and mounting home price appreciation.
“The summer swoon in mortgage rates continues as the 30-year fixed-rate mortgage fell
for the third consecutive week,” said Sam Khater, Freddie Mac’s Chief Economist.
“Since their peak at 3.18% in April, mortgage rates have declined by thirty basis points.”
Mortgage rates have been hovering around details ⇒
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