The story of the month was last week when mortgage interest rates dipped below 3% for the first time on record—a threshold many in the industry doubted would ever happen. The trend has reversed its course—slightly—in the past week with 30-year fixed rate loans landing at 3.01%, according to the weekly report from Freddie Mac.
The 15-year fixed rate loans are still comfortably below 3%, with an average rate of 2.54% for the past week. This is an increase from last week when they had dropped to 2.48%. For both the 15- and 30-year loans this is the first time in several weeks they have increased. All the increases that have taken place prior to early July since the outbreak of Covid were also only slight fluctuations for what has been a consistently downward trend ever since March.