The 30-year fixed rate mortgage ticked up slightly but remained under 3 percent this week, standing at 2.99 percent, according to Freddie Mac. Meanwhile, the 15-year fixed remained at 2.27 percent. As Freddie Mac notes, “Home prices continue to accelerate while inventory remains low and new home construction cannot happen fast enough.” Although there are many potential home buyers who would like to take advantage of the low rates, competition is strong, it notes.
Meanwhile, the Mortgage Bankers Association reports mortgage application requests fell 4 percent in the past week with the overall index reaching its lowest level since February 2020. The MBA notes the same factors as Freddie Mac that are impacting home purchases.