Mortgage Rates Barely Budge This Week
Freddie Mac | June 26, 2015
Average fixed-rate mortgages were little changed this week compared to the previous week, amid reports of a strengthening housing market, Freddie Mac reports in its weekly mortgage market survey.
Housing reports released this week showed that existing-home sales rose 5.1 percent in May to an annual pace of 5.35 million units and new-home sales increased 22 percent to an annual pace of 546,000 units.
"Buyers appear anxious to purchase homes before the expected increase in interest rates later this year," says Sean Becketti, Freddie Mac's chief economist.
Freddie Mac reported the following national averages with mortgage rates for the week ending June 25:
- 30-year fixed-rate mortgages: averaged 4.02 percent, with an average 0.7 point, up from last week's 4 percent average. Last year at this time, 30-year rates averaged 4.14 percent.
- 15-year fixed-rate mortgages: averaged 3.21 percent, with an average 0.6 point, dropping slightly from last week's 3.23 percent average. A year ago, 15-year rates averaged 3.22 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.98 percent, with an average 0.4 point, dropping from last week's 3 percent average. Last year at this time, 5-year ARMs averaged 2.98 percent.
- 1-year ARMs: averaged 2.50 percent, with an average 0.3 point, dropping from last week's 2.53 percent average. A year ago, 1-year ARMs averaged 2.40 percent.
Source: Freddie Mac