Freddie Mac: Mortgage Rates Continue to Decrease in June 17th Report
Freddie Mac released the results of its Primary Mortgage Market Survey (“PMMS”), showing that the 30-year fixed-rate mortgage (“FRM”) averaged 2.93 percent.
“Mortgage rates continue to drift down as markets concur with the view that inflation increases are temporary,” said Sam Khater, Freddie Mac’s Chief Economist. “While mortgage rates are low, purchase demand has weakened over the last couple of months, primarily due to affordability constraints stemming from high home prices. With inventory tight, the slowdown in demand has yet to impact prices, meaning the summer will likely remain a strong seller’s market.”
– 30-year fixed-rate mortgage averaged 2.93 percent with an average 0.7 point for the week ending June 17, 2021, down from last week when it averaged 2.96 percent. A year ago at this time, the 30-year FRM averaged 3.13 percent.
– 15-year fixed-rate mortgage averaged 2.24 percent with an average 0.6 point, up slightly from last week when it averaged 2.23 percent. A year ago at this time, the 15-year FRM averaged 2.58 percent.
– 5-year Treasury-indexed hybrid adjustable-rate mortgage (“ARM”) averaged 2.52 percent with an average 0.3 point, down from last week when it averaged 2.55 percent. A year ago at this time, the 5-year ARM averaged 3.09 percent.
The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
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Source: Freddie Mac