Mortgage rates fell once again, remaining below 3% for the third consecutive week. But home buyers and those looking to lock in a last-minute refinance shouldn’t bank on rates remaining this low for much longer.
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. The stability in rates over the past week comes in spite of the fact that Treasury Secretary Janet Yellen suggested this week that interest rates may need to increase to prevent the U.S. economy from overheating. Speakman warned though that Thursday’s low rates could be fleeting.
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