For seven weeks in a row, mortgage rates steadily moved higher. Then they started pulling back last week. But despite this week’s decline, experts don’t expect their downturn to be long-lasting.
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average sank to 3.04% with an average 0.7 point. (Points are fees paid to a lender equal to 1% of the loan amount and are in addition to the interest rate.) It was 3.13% a week ago and 3.31% a year ago.