Mortgage rates fell once again, Freddie Mac reported Thursday, remaining below 3% for the third consecutive week. But home buyers and those looking to lock in a last-minute refi shouldn’t bank on rates remaining this low much longer.
The 30-year fixed-rate mortgage averaged 2.96% for the week ending May 6, down one basis point from the previous week. This week’s reading represents the lowest point for the benchmark mortgage rate since mid-February.
The 15-year fixed-rate mortgage also fell one basis point from a week ago, dropping to an average of 2.3%. The 5-year Treasury-indexed adjustable-rate mortgage averaged 2.7%, up six basis points from the previous week.
These low rates may be fleeting, however. Get the details here.