Freddie Mac has released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed mortgage rate dropping for the fourth consecutive week and hitting its lowest level in nearly seven months.
The 30-year fixed-rate mortgage (FRM) averaged 3.89 percent with an average 0.5 point for the week ending June 8, 2017, down from last week when it averaged 3.94 percent. A year ago at this time, the 30-year FRM averaged 3.60 percent.
The 15-year FRM this week averaged 3.16 percent with an average 0.5 point, down from last week when it averaged 3.19 percent. A year ago at this time, the 15-year FRM averaged 2.87 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.11 percent this week with an average 0.5 point, the same as last week. A year ago at this time, the 5-year ARM averaged 2.82 percent.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Borrowers may still pay closing costs, which are not included in the survey.
“The 10-year Treasury yield fell 3 basis points this week,” says Sean Becketti, chief economist, Freddie Mac. “The 30-year mortgage rate moved in tandem with Treasury yields, falling 5 basis points to 3.89 percent. Mixed economic data and increasing uncertainty are continuing to push rates to the lowest levels in nearly seven months.”
For more information, visit FreddieMac.com.