After last week’s slight increase, mortgage rates retreated, weighed down by waning consumer confidence and rising housing prices.
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average declined to 2.95% with an average 0.7 point. (Points are fees paid to a lender equal to 1% of the loan amount. They are in addition to the interest rate.) It was 3% a week ago and 3.15% a year ago. The 30-year fixed average has hovered below 3% for five of the past six weeks.