Mortgage Rates Mostly Flat

Mortgage rates showed little upward movement in the latest data released by Freddie Mac.

 

The 30-year fixed-rate mortgage (FRM) averaged 4.55 percent for the week ending June 28, down from last week when it averaged 4.57 percent. The 15-year FRM this week averaged 4.04 percent, unchanged from last week. And the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.87 percent this week, up from last week when it averaged 3.83 percent.

 

“The decrease in borrowing costs are a nice slice of relief for prospective buyers looking to get into the market this summer,” said Sam Khater, Freddie Mac’s Chief Economist. “Some are undoubtedly feeling the affordability hit from swift price appreciation and mortgage rates that are still 67 basis points higher than this week a year ago. As highlighted in our June Forecast, the economy and housing market overall are on solid footing this summer, which should support continued strength in housing demand. Home price growth is still high, but is expected to moderate, and while sales activity has slowed, it’s primarily because of stubbornly low supply.”

---