TPH - Mortgage rates continue to remain below 3%

30-year fixed-rate mortgage averages 2.98% for the week ending Apr.29, down from 2.97% recorded in prior week and down from 3.23% averaged in same period a year ago, according to the Freddie Mac Primary Mortgage Survey.Rates remain in a narrow range since a month now amid rising COVID caseloads globally."The good news is that with rates under three percent, refinancing continues to be attractive for many borrowers who financed before 2020. But, for eager buyers, especially first-time homebuyers, inventory continues to be extremely tight and competition for available homes to purchase remains high," chief economist Sam Khater commented.15-year FRM averages 2.31% up from prior week's 2.29% and 2.77% a year ago.5-year Treasury-indexed hybrid adjustable rate mortgage average 2.64%, down from last week's 2.83%, and down from 3.14% a year ago."It is likely that mortgage rates are going to be more volatile over this time period until the uncertainty around the Fed’s next moves are resolved," SVP

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Mortgage rates continue to remain below 3%