It’s a Good Time to Lock in Mortgage Rates
Borrowing costs stayed low for yet another week for home buyers and refinancers. The 30-year fixed-rate mortgage continues to hover near its lowest average in three years.
"Mortgage rates have been slow to adjust to the 10-year Treasury yield, which has increased 12 basis points since last week,” says Sean Becketti, Freddie Mac’s chief economist. “This week's survey shows the 30-year fixed rate inching up to 3.56 percent, only 2 basis points above last week's average. The low rates continue to be good news for the housing market, as existing home sales rose 1.8 percent to a 5.53 million seasonally adjusted annual rate in the month of May -- the highest level since February 2007."
Freddie Mac reports the following national averages with mortgage rates for the week ending June 23:
- 30-year fixed-rate mortgages: averaged 3.56 percent, with an average 0.6 point, rising from last week’s 3.54 percent average. A year ago, 30-year rates averaged 4.02 percent.
- 15-year fixed-rate mortgages: averaged 2.83 percent, with an average 0.5 point, increasing from last week’s 2.81 percent average. A year ago, 15-year rates averaged 3.21 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.74 percent, with an average 0.5 point, holding the same average from a week ago. Last year at this time, 5-year ARMs averaged 2.98 percent.
Source: Freddie Mac