Freddie Mac’s Primary Mortgage Market Survey (PMMS) for the week ending July 1 shows that the 30-year fixed-rate mortgage (FRM) averaged 2.98 percent with an average 0.6 point.
That figure is down from last week, when it averaged 3.02 percent. A year ago at this time, the 30-year FRM averaged 3.07 percent.
“Economic growth remains steady and is bolstering more segments of the economy,” says Sam Khater, Freddie Mac’s chief economist. “Although low and stable mortgage rates have kept the housing market booming over recent months, a deterioration in affordability and for-sale inventory has led to a market slowdown.”
The 15-year fixed-rate mortgage averaged 2.26 percent with an average 0.7 point, down from last week’s 2.34 percent. A year ago, the 15-year FRM averaged 2.56 percent.
And the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.54 percent with an average 0.3 point, up slightly from last week, when it averaged 2.53 percent.
A year ago at this time, the five-year ARM averaged 3 percent.