Mortgage rates decreased for a third straight week, with the average rate for a 30-year, fixed-rate mortgage dropping to 2.88%, down from 2.90% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time the average rate for a 30-year was 2.98%.
“The summer swoon in mortgage rates continues as the 30-year fixed-rate mortgage fell for the third consecutive week,” says Sam Khater, chief economist for Freddie Mac, in