Mortgage rates fell again last week, dropping three basis points to an average of 2.96%, according to Thursday data from Freddie Mac‘s PMMS. Rates have now managed to stay within a five basis point range above or below 3% for nearly two months.

Higher mortgage rates historically have signaled a strengthened economy. But this is no ordinary economy: an apprehensive bond market has been keeping a close eye on global macroeconomic trends and Fed policy changes. Such factors have contributed to stagnating mortgage rates around the 3% mark.

“The economy is recovering remarkably fast and as pandemic restrictions continue to lift, details ⇒

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