The average rate for a 30-year, fixed-rate mortgage was 2.81 percent, a shave higher than last week’s historic low of 2.8 percent, according to Freddie Mac’s weekly Primary Mortgage Market Survey.

Mortgage rates remained at nearly record lows this week, with the average 30-year, fixed-rate mortgage clocking in at 2.81 percent. The low rate environment is providing support to the entire economy, which, in turn, is propelling growth, Freddie Mac Chief Economist, Sam Khater said Thursday.

“Strong purchase demand is helping to lift the construction, manufacturing and transportation industries that build new homes and it is also leading to more consumer spending for owners, who are selling or improving their homes,” Khater said in a statement. “On the refinance front, many consumers are smartly taking advantage of the ability to lower their monthly payment, which means they can spend, save or pay down debt more so than they have in the past.”

Mortgage rate trends | Credit: Freddie Mac

The rate for a 30-year, fixed-rate mortgage was 3.78 percent a year ago at this time, according to Freddie Mac’s data. Last week, it reached a new record low of 2.80 percent.

The 15-year fixed-rate mortgage averaged 2.32 percent, down from 3.19 percent this time last year. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.11 percent, down 3.36 percent this time last year.

Today’s buyer of a median listing-price home is paying roughly $20 less per month than last year’s buyer, despite the median home costing $35,000 more, according to Danielle Hale, the chief economist at The demand boost provided by these low rates is expected to subside, however, as sub-3 percent mortgage rates continue to be the norm.

“With more home sellers entering the market, we expect home prices to grow more slowly,” Hale said. “A steady number of buyers powered by low rates and additional supply should mean rising home sales and less swiftly rising prices ahead.”

Email Patrick Kearns

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription