Mortgage Interest Rate History in 2021 May 7, 2021

Mortgage rates hit a record low of 2.65% for a 30 year loan back in January. Since then, a combination of Covid 19 vaccine roll outs and a recovering economy have boosted rates fairly steadily. Rates climbed over 3.0%, and refinance and purchase volume began to slow.

As of this week, we’re beginning to see that 30 year rate dip again. The average interest rate for a 30 year fixed-rate mortgage fell to 2.96%, marking its third week of sub-3.0% levels.

“The combination of low and stable rates, coupled with an improving economy, is good for home buyers,” said Sam Khater, Freddie Mac’s Chief Economist. “It’s also good for homeowners who may have missed prior opportunities to refinance and increase their monthly cash flow.”