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The average 30-year, fixed-rate mortgage dropped from last week\u2019s 2.77%. A Freddie Mac economist attributes it to a new administration and COVID-19 \u201cmalaise.\u201d<\/span><\/span><\/p>\n<\/div>\n MCLEAN, Va. \u2013 Freddie Mac\u2019s mortgage survey this week found a slight drop in the 30-year, fixed-rate mortgage (FRM). It averaged 2.73% compared to last week\u2019s 2.77%.<\/span><\/span><\/p>\n \u201cAs the market reacts to a new administration in Washington and COVID-19 driven economic malaise, mortgage rates continued to decrease this week, just slightly,\u201d says Sam Khater, Freddie Mac\u2019s chief economist. \u201cEven as house prices increase at the fastest rate we\u2019ve seen in years, competition to buy is strong, given the low inventory that exists across the country.\u201d<\/span><\/span><\/p>\n Khater considers the low inventory of for-sale homes \u201can ongoing issue for the foreseeable future.\u201d<\/span><\/span><\/p>\n The 2.73% average fixed-rate mortgage had an average 0.7 points. A year ago, the 30-year FRM averaged 3.51%.<\/span><\/span><\/p>\n The 15-year fixed-rate mortgage also fell marginally this week, average 2.20% with an average 0.7 points. One year ago, the 15-year FRM averaged 3%.<\/span><\/span><\/p>\n However, adjustable-rate mortgages remained stable this week. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80% with an average 0.3 point \u2013 the same rate as last week. One year ago, the 5-year ARM averaged 3.24%.<\/span><\/span><\/p>\n\n