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Mortgage rates drop below 3%, but the reprieve may not last long

·2 min read
Mortgage rates drop below 3%, but the reprieve may not last long
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Mortgage rates retreated below 3% this week, but the factors that pushed them higher in previous weeks remains — all while Americans grow increasingly frustrated with the competitive housing market. The 30-year fixed-rate mortgage averaged 2.99% for the week ending Oct. 7, down two basis points from the previous week, Freddie Mac (FMCC) reported Thursday. Last year, this mortgage product carried an average interest rate of 2.87%.