Mortgage Rates Remain at All-Time Low
Freddie Mac, via Realtor Magazine | June 26, 2020
The 30-year fixed-rate mortgage stayed at its record low this week, offering an opportunity for home buyers to lock in the lowest rate in Freddie Mac’s records dating back 50 years. The 30-year fixed-rate mortgage averaged 3.13% this week. The mortgage market has seen a resurgence in applications for home purchases in recent weeks. “The rebound in purchase demand partly reflects deferred sales as well as continued interest from prospective buyers looking to take advantage of the low mortgage rate environment,” says Sam Khater, Freddie Mac’s chief economist. How Resilient Is the Housing Market? Freddie Mac reports the following national averages with mortgage rates for the week ending June 25: 30-year fixed-rate mortgages: averaged 3.13%, with an average 0.8 point, unchanged from last week’s all-time low average. Last year at this time, 30-year rates averaged 3.73%. 15-year fixed-rate mortgages: averaged 2.59%, with an average 0.8 point, rising slightly from a 2.58% average. A year ago, 15-year rates averaged 3.16%. 5-year hybrid adjustable-rate mortgages: averaged 3.08%, with an average 0.5 point, falling slightly from last week’s 3.09% average. A year ago, 5-year ARMs averaged 3.39%. Freddie Mac reports average commitment rates along with average fees and points to reflect the total upfront cost of obtaining a mortgage.
Source: Freddie Mac, via Realtor Magazine