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The 30-year fixed-rate mortgage moved lower for the third consecutive week and set a new low for the year, Freddie Mac reports.
“In a short week following Memorial Day, the 10-year Treasury yield fell 4 basis points,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate remained relatively flat, falling 1 basis point to 3.94 percent and once again hitting a new 2017 low.”
Freddie Mac reports the following national averages with mortgage rates for the week ending June 1:
- 30-year fixed-rate mortgages averaged 3.94 percent, with an average 0.5 point, dropping from last week’s 3.95 percent average. Last year at this time, 30-year rates averaged 3.66 percent.
- 15-year fixed-rate mortgages averaged 3.19 percent, with an average 0.5 point, holding the same average as last week. A year ago, 15-year rates averaged 2.92 percent.
- 5-year hybrid adjustable-rate mortgages averaged 3.11 percent, with an average 0.5 point, rising from last week’s 3.07 percent average. A year ago, 5-year ARMs averaged 2.88 percent.
With this latest jobs report out of the way, the runway is now clear for the Federal Reserve to raise benchmark interest rates when it meets June 13 and 14. Even before the Labor Department’s release on Friday morning, the Fed had been sending firm signals that its members viewed the economy as strong enough to withstand another rate increase.
Source: Freddie Mac
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