Freddie Mac: Mortgage Rates Basically Held Flat

Posted by Patrick Barnard on June 25, 2015 No Comments
Categories : Residential Mortgage

Fixed mortgage rates remained more or less flat during the week ended June 25 compared to the previous week, according to Freddie Mac's Primary Mortgage Market Survey.

The average rate for a 30-year fixed-rate mortgage (FRM) was 4.02%, up slightly from 4.00% the previous week. A year ago the same week, the 30-year FRM averaged 4.14%.

The average rate for a 15-year FRM was 3.21%, down from 3.23% the previous week. A year earlier, the 15-year FRM averaged 3.22%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.98%, down slightly from 3.00%. A year ago, the five-year ARM averaged 2.98%.

The average rate for a one-year Treasury-indexed ARM was 2.50%, down from 2.53%. During the same week last year, the one-year ARM averaged 2.40%.

Sean Becketti, the new chief economist for Freddie Mac, says recent reports have ‘confirmed increasing strength in housing.’

‘Existing-home sales increased 5.1 percent in May to an annual pace of 5.35 million units, and new home sales increased 2.2 percent to an annual pace of 546,000 units,’ Becketti says in a release. ‘Buyers appear anxious to purchase homes before the expected increase in interest rates later this year. Given the tight inventory of homes for sale, a 5.1-month supply at the current sales pace, home prices are being bid up.’

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