Fixed mortgage rates in US hits new low
According to Freddie Mac’s latest Primary Mortgage Market Survey, the average 30-year fixed mortgage rate in the U.S. dropped to a new 2017 low in late June.
Sean Becketti, chief economist of Freddie Mac said, “The 30-year mortgage rate fell 2 basis points to 3.88 percent this week. However, the majority of our survey was conducted prior to last Tuesday’s sell-off in the bond market which drove Treasury yields higher. Mortgage rates may increase in next week’s survey if Treasury yields continue to rise.”
30-year fixed-rate mortgage (FRM) averaged 3.88 percent with an average 0.5 point for the week ending June 29, 2017, down from last week when it averaged 3.90 percent. A year ago at this time, the 30-year FRM averaged 3.48 percent.
15-year FRM this week averaged 3.17 percent with an average 0.5 point, the same as last week. A year ago at this time, the 15-year FRM averaged 2.78 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.17 percent this week with an average 0.5 point, up from last week when it averaged 3.14 percent. A year ago at this time, the 5-year ARM averaged 2.70 percent.