Mortgage rates fell to their lowest level since Freddie Mac started reporting this data in 1971, as the coronavirus shutdown continued to play havoc with the economy.
The continued uncertainty is why the Federal Open Market Committee announced Wednesday it was keeping short-term rates
"The size and depth of the secondary mortgage market is helping to keep rates at record lows. These low rates are driving higher refinance activity and have modestly helped improve purchase demand from their extremely low levels in mid-April," Sam Khater, Freddie Mac's chief economist, said in a press release. "While many people are benefiting from low mortgage rates, it's important to remember that not all people are able to take advantage of them given the current pandemic."
Zillow economist Matthew Speakman had similar comments when that company released its own rate tracker Wednesday evening.
"The headline mortgage rate fell to new lows this week, but conditions across the market remain much more varied than usual as the mortgage industry continues to grapple with uncertainty brought upon by forbearance programs and rapidly changing borrower profiles," Speakman said.
"Nearly 7% of mortgages were in
The 30-year fixed-rate mortgage averaged 3.23% for the week ended April 30,
The 15-year fixed-rate mortgage averaged 2.77%, down from last week when it averaged 2.86%. A year ago at this time, the 15-year fixed-rate mortgage averaged 3.6%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.14% with an average 0.4 point, down from last week when it averaged 3.28%. A year ago at this time, the five-year adjustable-rate mortgage averaged 3.68%.