Fixed-Rate Mortgage Rate Increases a Few Basis Points

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Freddie Mac’s Primary Mortgage Market Survey (PMMS) for the week ending June 4 shows that the 30-year fixed-rate mortgage averaged 3.18%, which is up from 3.15% the week prior.

A year ago at this time, the 30-year fixed-rate averaged 3.82%. 

“While the economy is slowly rebounding, all signs continue to point to a solid recovery in home sales activity heading into the summer as prospective buyers jump back into the market,” says Sam Khater, Freddie Mac’s chief economist. “Low mortgage rates are a key factor in this recovery.

“While home buyer demand is up and has been broad-based across most geographies, supply has been slower to improve,” he adds. “In fact, the gap between supply and demand has widened even further than the large gap that existed prior to the pandemic.”

This past week, the 15-year fixed-rate mortgage averaged 2.62% with an average 0.7 point, unchanged from the week prior. A year ago at this time, the 15-year FRM averaged 3.28%. 

The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.1% with an average 0.4 point, down from last week, when it averaged 3.13%.

A year ago at this time, the five-year ARM averaged 3.52%.

Photo: Sam Khater

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