Mortgage rates dip as investors await actions of new administration

A week after spiking to their highest levels in two months, mortgage rates pulled back slightly.

According to data released Thursday by Freddie Mac, the 30-year fixed-rate average slipped to 2.77%, 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.)

For the moment, the mortgage market appears to be in a holding pattern, watching to see what President Joe Biden’s administration does. Before taking office, Biden announced a $1.9 trillion economic and health-care relief proposal.