Mortgage Rates Reverse Track, Fall This Week
Mortgage rates reversed track this week, according to Freddie Mac's latest Primary Mortgage Market Survey® (PMMS®). The average 30-year, fixed mortgage rate is 4.14 percent; the average 15-year, fixed mortgage rate is 3.6 percent; and the average five-year, Treasury-indexed hybrid adjustable mortgage rate is 3.68 percent.
"Slightly weaker inflation and labor economic data caused mortgage rates to dip this week," says Sam Khater, chief economist at Freddie Mac. "Moving into summer, we expect rates to be about a quarter to half a percentage point lower than where they were last year, which is good news for the housing market. These lower rates combined with solid economic growth, low inflation and rebounding consumer confidence should provide a solid foundation for home sales to continue to improve over the next couple of months."
Averaging 4.14 percent, with an average 0.5 point
Down from 4.2 percent the prior week and 4.55 percent the prior year
Averaging 3.6 percent, with an average 0.4 point
Down from 3.64 percent the prior week and 4.03 percent the prior year
Averaging 3.68 percent, with an average 0.4 point
Down from 3.77 percent the prior week and 3.69 percent the prior year
Source: Freddie Mac