TPH - Mortgage rates remain under 3% for third consecutive week

30-year fixed-rate mortgage averages 2.96% for the week ending May 6, marginally lower from 2.98% recorded in prior week and down from 3.26% averaged in same period a year ago, according to the Freddie Mac Primary Mortgage Survey."Consumer income and spending are picking up, which is leading to an acceleration in economic growth. The combination of low and stable rates, coupled with an improving economy, is good for homebuyers. It’s also good for homeowners who may have missed prior opportunities to refinance and increase their monthly cash flow," Freddie Mac’s Chief Economist Sam Khater commented.However, despite lower rates, people aren’t rushing to refinance or arrange new mortgages as they were a few months ago.Mortgage applications decreased 0.9% from one week earlier, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.15-year FRM averages 2.30% down from prior week's 2.31% and 2.73% a year ago.5-year Treasury-indexed hybrid adjustable rate mortgage average 2.70%, up from last week's 2.64%, and

For further details see:

Mortgage rates remain under 3% for third consecutive week