Despite an economy that appears to be strengthening, mortgage rates continued to hover below 3% this week. They have not been above 3% the past two months.
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average fell to 2.96% 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 2.99% a week ago and 3.21% a year ago.