Mortgage Rates Hold at Low Levels

Home shoppers are getting another week to lock in some of the lowest mortgage rates of the year. “Following last week’s sharp decline, the 10-year Treasury yield rose 3 basis points this week,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate remained relatively flat, falling 1 basis point to 3.90 percent. Mortgage rates are continuing to hold at year-to-date lows amidst ongoing economic uncertainty.”

Freddie Mac reports the following national averages with mortgage rates for the week ending June 22:

• 30-year fixed-rate mortgages: averaged 3.90 percent, with an average 0.5 point, dropping from last week’s 3.91 percent average. Last year at this time, 30-year rates averaged 3.56 percent.
• 15-year fixed-rate mortgages: averaged 3.17 percent, with an average 0.5 point, dropping slightly from last week’s 3.18 percent average. A year ago, 15-year rates averaged 2.83 percent.
• 5-year hybrid adjustable-rate mortgages: averaged 3.14 percent, with an average 0.5 point, falling from last week’s 3.15 percent average. A year ago, 15-year ARMs averaged 2.74 percent.

Source: Freddie Mac