Ultra-low mortgage rates returned this week, with lenders offering home buyers and refinancers a chance once again to lock in a rate below 3%. But the National Association of REALTORS® warns that these low rates in the 2% range won’t last much longer, and mortgage rates likely will edge up soon. The 30-year fixed-rate mortgage averaged 2.95% this week, Freddie Mac reports.
“Mortgage rates are continuing to offer many homeowners the potential to refinance and increase their monthly cash flow,” says Sam Khater, Freddie Mac’s chief economist. Homeowners who refinanced their 30-year fixed-rate mortgage in 2020 saved more than $2,800 annually, Khater notes. “Substantial opportunity continues to exist today, as nearly $2 trillion in conforming mortgages have the ability to refinance and reduce their interest rate by at least half a percentage point.”
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