Mortgage Rates Improve From Last Week's Spike

Mortgage Rates Improve From Last Week's Spike

Mortgage Rates Improve From Last Week's Spike

The FINANCIAL -- Freddie Mac on June 18 released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates moving lower from the previous week's new highs for 2015 while housing data was generally positive.

News Facts

30-year fixed-rate mortgage (FRM) averaged 4.00 percent with an average 0.7 point for the week ending June 18, 2015, down from last week when it averaged 4.04 percent. A year ago at this time, the 30-year FRM averaged 4.17 percent.

15-year FRM this week averaged 3.23 percent with an average 0.5 point, down from last week when it averaged 3.25 percent. A year ago at this time, the 15-year FRM averaged 3.30 percent.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.00 percent this week with an average 0.4 point, down from last week when it averaged 3.01 percent. A year ago, the 5-year ARM averaged 3.00 percent.

1-year Treasury-indexed ARM averaged 2.53 percent this week with an average 0.2 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.41 percent.

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 links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey, according to Freddie Mac.

Quotes

Attributed to Len Kiefer, deputy chief economist, Freddie Mac.

"Mortgage rates were down this week while housing data were generally positive. Although housing starts [PDF] dropped 11.1 percent to a seasonally adjusted pace of 1.04 million units in May, housing permits surged 11.8 percent to its highest level since August 2007. Reinforcing this positive momentum, the NAHB housing market index rose 5 points in June, suggesting home builders are very optimistic about home sales in the near future."