Rates eased a bit to hit another record low last week.

For the week ending December 3, Freddie Mac announced that 30-year fixed rates eased one tick to 2.71% from 2.72% from the week before. The average for 15-year loans also decreased slightly to 2.26% and the average for five-year ARMs fell to 2.86%. A year ago, 30-year fixed rates averaged 3.68%, almost 1.00% higher than today. "Despite persistently low interest rates, home sales have hit a wall. While homebuyer appetite remains robust, the scarce inventory has effectively put a limit on how much higher sales can increase. Unfortunately, the record low supply combined with strong demand means home prices are rapidly escalating and eroding the benefits of the low rate environment," said Sam Khater, Chief Economist, Freddie Mac

 Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices for Adjustable Rate Mortgages
Updated December 4, 2020