Mortgage rates drop below 3% for the first time in months

For the first time in nearly two months, mortgage rates dropped below 3% last week, down seven basis points to 2.97%, according to Freddie Mac’s Primary Mortgage Market Survey.

“The drop in mortgage rates is good news for homeowners who are still looking to take advantage of the very low-rate environment,” said Sam Khater, Freddie Mac’s chief economist. “Freddie Mac research suggests that lower income and minority homeowners have been less likely to engage in the refinance market. Low and declining mortgage rates provide these homeowners the opportunity to reduce their monthly payment and improve their financial position.” Read more