According to Freddie Mac’s latest Primary Mortgage Market Survey, the 30-year fixed mortgage rate has dropped for the fourth consecutive week and has hit its lowest level in nearly seven months.
The survey findings include the following:
- The 30-year, fixed-rate mortgage (FRM) averaged 3.89% with an average 0.5 point for the week ending June 8 – down from the previous week, when it averaged 3.94%. A year ago at this time, the 30-year FRM averaged 3.6%.
- The 15-year FRM averaged 3.16% with an average 0.5 point – down from 3.19% the week prior. A year ago, the 15-year FRM averaged 2.87%.
- The five-year, Treasury-indexed, hybrid adjustable-rate mortgage (ARM) averaged 3.11% with an average 0.5 point – the same as the week prior. A year ago, the five-year ARM averaged 2.82%.
“The 10-year Treasury yield fell three basis points this week,” says Sean Becketti, chief economist for Freddie Mac. “The 30-year mortgage rate moved in tandem with Treasury yields, falling five 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.”