Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 5.09% with an average 0.8 point as of June 2, down slightly from last week, when it averaged 5.1%. A year ago at this time, the 30-year FRM averaged 2.99%.
“Mortgage rates continued to inch downward this week but are still significantly higher than last year, affecting affordability and purchase demand,” observes Sam Khater, Freddie Mac’s chief economist. “Heading into the summer, the potential homebuyer pool has shrunk, supply is on the rise and the housing market is normalizing. This is welcome news following unprecedented market tightness over the last couple years.”
The 15-year fixed-rate mortgage averaged 4.32% with an average 0.8 point, up slightly from last week when it averaged 4.31%. A year ago at this time, the 15-year FRM averaged 2.27%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.04% with an average 0.3 point, down from last week when it averaged 4.20%. A year ago at this time, the 5-year ARM averaged 2.64%.