Mortgage Rates Limbo Lower Now
New data shows average fixed mortgage rates have dropped to new 2016 lows in the wake of the Brexit vote, according to Freddie Mac’s most recent Primary Mortgage Market Survey®. At 3.48 percent, the 30-year fixed-rate mortgage is only 17 basis points from its November 2012 all-time record low of 3.31 percent.
“In the wake of the Brexit vote, the yield on the 10-year U.S. Treasury bond plummeted 24 basis points,” says Sean Becketti, chief economist, Freddie Mac. “The 30-year mortgage rate declined as well, but not by as much. This extremely low mortgage rate should support solid home sales and refinancing volume this summer.”
The 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.
The 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.
Results show that the 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.
For more information, visit www.freddiemac.com.