Mortgage Rates Sitting Still
Continuing to hover at a low, mortgage rates sat still this week, with the average 30-year, fixed mortgage rate remaining 3.75 percent, according to Freddie Mac's latest Primary Mortgage Market Survey® (PMMS®). The average 15-year, fixed mortgage rate rose slightly, to 3.2 percent, while the average five-year, Treasury-indexed hybrid adjustable rate slid to 3.46 percent.
"Mortgage rates have essentially stabilized over the last two months, which reflects the recovery and improvement in the economy from the malaise earlier in the year," says Sam Khater, chief economist at Freddie Mac. "Going forward, the combination of low mortgage rates, tight labor market and high consumer confidence should set up the housing market for continued improvement in home sales heading into the late summer and early fall."
Averaging 3.75 percent, with an average 0.6 point
No change from the prior week, and down from 4.6 percent the prior year
Averaging 3.2 percent, with an average 0.5 point
Up from 3.18 percent the prior week, but down from 4.08 percent the prior year
Averaging 3.46 percent, with an average 0.4 point
Down from 3.47 percent the prior week and 3.93 percent the prior year
Source: Freddie Mac