Mortgage rates dipped slightly during the week ended June 1, with the average rate for a 30-year, fixed-rate mortgage (FRM) falling to 3.94%, down from 3.95% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the 30-year FRM averaged 3.66%.
The average rate for a 15-year FRM was 3.19%, unchanged from the previous week. A year ago at this time, the 15-year FRM averaged 2.92%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.11%, up from 3.07%. A year ago at this time, the five-year ARM averaged 2.88%.
“In a short week following Memorial Day, the 10-year Treasury yield fell four basis points,” says Sean Becketti, chief economist for Freddie Mac, in a release. “The 30-year mortgage rate remained relatively flat, falling one basis point to 3.94 percent and once again hitting a new 2017 low.”