After making a big jump last week, the 30-year fixed mortgage rate – the most popular home loan product – paused as investors waited to see what the Federal Reserve had to say when the minutes from its July meeting were released.
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average dipped to 2.86% 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 2.87% a week ago and 2.99% a year ago. The 30-year fixed average has remained below 3% the past two months.