Freddie Mac: Mortgage Rates Basically Flat

Mortgage rates more or less stayed flat during the week ended June 4, compared to the previous week, according to Freddie Mac's Primary Mortgage Market Survey.

The average rate for a 30-year fixed-rate mortgage (FRM) was 3.87%, unchanged from the previous week. A year ago at this time, the 30-year FRM averaged 4.14%.

The average rate for a 15-year FRM was 3.08%, down from 3.11% the previous week. A year ago at this time, the 15-year FRM averaged 3.23%.

The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 2.96%, up from 2.90% the week prior. A year ago, the five-year ARM averaged 2.93%.

The average rate for a one-year Treasury-indexed ARM was 2.59%, up from 2.50% the week prior. At this time last year, the one-year ARM averaged 2.40%.

All rates are based on closings.

‘Mortgage rates were little changed for the week following mixed economic data before bond yields began moving higher Wednesday afternoon,’ says Len Kiefer, deputy chief economist for Freddie Mac, in a release. ‘Although real GDP growth was revised down to a negative 0.7 percent annualized rate, the Institute for Supply Management reported a modest growth in the manufacturing sector in May. If the Wednesday surge of treasury yields persists, the impact on mortgage rates is likely to result in a bout of affordability shock to many housing markets across the country.’

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