Mortgage Rates Fall After Six Weeks of Increases

Interest rates for fixed rate mortgages fell for the first time in seven weeks according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending June 20th, 2013.

Fixed Rate Mortgages:

Interest rates on fixed rate mortgages declined for the first time in seven weeks with the 30-year fixed rate mortgage falling five basis points to 3.93 percent with an average of 0.8 points after rising by seven basis points last week. Mortgage rates for the 30-year fixed mortgage have been under four percent for 65 consecutive weeks and have increased by 58 basis points over the last seven weeks. A year ago, the 30-year fixed rate mortgage averaged 3.66 percent.

Average 30-year rates were generally the lowest in the Western portion of the United States where mortgage rates averaged 3.92 percent while the highest rates were reported in the Southeastern area of the country where interest rates averaged 3.96 percent.

The average rate for a 15-year fixed mortgage also declined this week, averaging 3.04 percent with an average of 0.7 points, down from an average of 3.10 percent last week. At this time last year, the 15-year fixed rate mortgage averaged 2.95 percent.

Adjustable Rate Mortgages:

Interest rates for adjustable-rate mortgages remained mostly unchanged this week with the 5-year Treasury-indexed hybrid ARM averaging 2.79 percent, with an average of 0.5 points, unchanged from last week. The 5-year adjustable rate mortgage averaged 2.77 percent a year earlier.

The 1-year Treasury-indexed adjustable rate mortgage averaged 2.57 percent with an average of 0.4 points, down from an average of 2.58 last week. A year ago, the 1-year adjustable rate mortgage averaged 2.74 percent.

Tags: 15-year fixed, 30-year fixed, fixed rate mortgage, freddie mac, interest rates, mortgage rates, 5-year hybrid, 1-year treasury

Source:
Freddie Mac

Reported by Shirley Allen