Jun 27

Good Time to Lock in Mortgage Rates

Good Time to Lock in Mortgage Rates

 

Good Time to Lock in Mortgage Rates

Good Time to Lock in Mortgage Rates

Borrowing costs stayed low for yet another week for home buyers and refinancers. The 30-year fixed-rate mortgage continues to hover near its lowest average in three years.

“Mortgage rates have been slow to adjust to the 10-year Treasury yield, which has increased 12 basis points since last week,” says Sean Becketti, Freddie Mac’s chief economist. “This week’s survey shows the 30-year fixed rate inching up to 3.56 percent, only 2 basis points above last week’s average. The low rates continue to be good news for the housing market, as existing home sales rose 1.8 percent to a 5.53 million seasonally adjusted annual rate in the month of May — the highest level since February 2007.”

Freddie Mac reports the following national averages with mortgage rates for the week ending June 23:

  • 30-year fixed-rate mortgages: averaged 3.56 percent, with an average 0.6 point, rising from last week’s 3.54 percent average. A year ago, 30-year rates averaged 4.02 percent.
  • 15-year fixed-rate mortgages: averaged 2.83 percent, with an average 0.5 point, increasing from last week’s 2.81 percent average. A year ago, 15-year rates averaged 3.21 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.74 percent, with an average 0.5 point, holding the same average from a week ago. Last year at this time, 5-year ARMs averaged 2.98 percent.

Source: Freddie Mac

 

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