Mortgage Rates Touch New 2016 Lows
In the wake of the Brexit vote, the yield on the 10-year U.S. Treasury bond plummeted 24 basis points. The 30-year mortgage rate declined as well, but not by as much, falling 8 basis points to 3.48 percent. This week's survey rate is the lowest since May 2013 and only 17 basis points above the all-time low recorded in November 2012. This extremely low mortgage rate should support solid home sales and refinancing volume this summer.
- 30-year fixed-rate mortgage (FRM) averaged 3.48 percent with an average 0.5 point for the week ending June 30, 2016, down from last week when it averaged 3.56 percent. A year ago at this time, the 30-year FRM averaged 4.08 percent.
- 15-year FRM this week averaged 2.78 percent with an average 0.4 point, down from last week when it averaged 2.83 percent. A year ago at this time, the 15-year FRM averaged 3.24 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.70 percent this week with an average 0.5 point, down from last week when it averaged 2.74 percent. A year ago, the 5-year ARM averaged 2.99.
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
Also check out:
Opinions, estimates, forecasts and other views contained in this page are those of Freddie Mac's Office of the Chief Economist, do not necessarily represent the views of Freddie Mac or its management, should not be construed as indicating Freddie Mac's business prospects or expected results, and are subject to change without notice. Although the Office of the Chief Economist attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. © 2015 by Freddie Mac. Information from this page may be used with proper attribution.