Our mobile site is optimized for smaller screens.

TRY IT NO THANKS

Back To Blog

Mortgage Rates Haven't Been This Low Since 2016

Mortgage rates for 30, 15, ARM. Full information at http://www.freddiemac.com/pmms/

© REALTOR® MAGAZINE

 

For the seventh time in the last nine weeks, the 30-year fixed-rate mortgage dropped, reaching the lowest average since November 2016, Freddie Mac reports in its weekly mortgage market survey.

“While the industrial- and trade-related economic data continues to dominate the news, the drop in mortgage rates over the last two months is already being felt in the housing market,” says Sam Khater, Freddie Mac’s chief economist. “Through late June, home purchase applications improved by five percentage points compared to the previous month. In the near term, we expect the housing market to continue to improve from both a sales and price perspective.”

Freddie Mac reports the following national averages with mortgage rates for the week ending June 27:

  • 30-year fixed-rate mortgages: averaged 3.73%, with an average 0.5 point, falling from last week’s 3.84% average. Last year at this time, 30-year rates averaged 4.55%
  • 15-year fixed-rate mortgages: averaged 3.16%, with an average 0.5 point, falling from last week’s 3.25% average. A year ago, 15-year rates averaged 4.04%.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.39%, with an average 0.4 point, falling from last week’s 3.48% average. A year ago, 5-year ARMs averaged 3.87%.

Source: Freddie Mac

    Add Comment

    Do not fill in this field:

    Comments are moderated. Please be patient if your comment does not appear immediately. Thank you.

    Comments

    1. No comments. Be the first to comment.