Mortgage rates below 3% are likely to remain unchanged “until the summer”: report

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Mortgage loan rates fell below 3% in 2021, while experts predicting that tariffs is unlikely to change much over the summer.

Mortgage company Freddie Mac on Thursday released the results of its market survey showing mortgage rates one more month below 3%, already a good year for homeowners.

Report cited average 30-year fixed rate mortgages of 2.98%, average 15-year fixed rate mortgages of 2.26%, and 5-year floating rate hybrid mortgages indexed by the Treasury, averaged 2. 54% is all good news if you are looking to buy or refinance.

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These rates will change throughout the year, but are unlikely to change much.

“Rates will remain more or less fairly close to current … throughout the summer,” said Dick Lepré, Senior Lending Advisor at RPM Mortgage. said the time

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July is not the only month this year has seen such favorable rates: in May, rates are even lower: 30-year fixed-rate mortgages averaged 2.95%, which lasted until June. according to Market Watch

However, rates may change at the end of the year.

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“The risk of growth in rates, in my opinion, is much higher than [possibility] of these falls, “said Rich Swerbinski, president and chief operating officer of the Mortgage Collaborative.

The rate has already climbed to these lower rates over the past two months.

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Low rates should continue to support strong demand for home purchases and homeowners can sell at bargain prices, with the average price of all types of homes rising by about $ 10,000 over last year. according to Bryn Mawr Trust

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