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The 30-year fixed-rate mortgage averaged 5.27% for the week ending May 5, according to data released by Freddie Mac FMCC, -0.46% on Thursday. That’s up 17 basis points from the previous week — one basis point is equal to one hundredth of a percentage point, or 1% of 1%
Throughout 2020, mortgage rates dropped to all-time lows on more than a dozen occasions.
Economists project rising mortgage rates in 2021
Mortgage rates have closed out 2020 around the lowest levels on record. But those looking to lock-in this cheap financing shouldn’t wait on the sidelines for too long.
The 30-year fixed-rate mortgage averaged 2.67% for the week ending Dec. 31, up a basis point from the new record low of 2.66% set the week prior, Freddie Mac FMCC,+0.87%reported Thursday.
Meanwhile, the 15-year fixed-rate mortgage dropped two basis points to an average of 2.17%, representing a record low for that mortgage product. The 5-year Treasury-indexed hybrid adjustable-rate mortgage fell by eight basis points to 2.71%.
“With 2020 wrapping up, we can look back on a year where low mortgage rates served as a potent fuel, driving activity and offering buyers access to a home,” said George Ratiu, senior economist at Realtor.com.
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