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U.S. Mortgage Rates Hit Historic 50-Year Low in Early July

U.S. Mortgage Rates Hit Historic 50-Year Low in Early July


According to Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 3.07 percent, the lowest rate in the survey's history dating back to 1971.

"Mortgage rates continue to slowly drift downward with a distinct possibility that the average 30-year fixed-rate mortgage could dip below 3 percent later this year," said Sam Khater, Freddie Mac's Chief Economist. "On the economic front, incoming data suggest the rebound in economic activity has paused in the last couple of weeks with modest declines in consumer spending and a pullback in purchase activity."

Freddie Mac News Facts

  • 30-year fixed-rate mortgage averaged 3.07 percent with an average 0.8 point for the week ending July 2, 2020, down from 3.13 percent. A year ago at this time, the 30-year FRM averaged 3.75 percent.  
  • 15-year fixed-rate mortgage averaged 2.56 percent with an average 0.8 point, down slightly from last week when it averaged 2.59 percent. A year ago at this time, the 15-year FRM averaged 3.18 percent.  
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.00 percent with an average 0.3 point, down slightly from last week when it averaged 3.08 percent. A year ago at this time, the 5-year ARM averaged 3.45 percent.
 
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