Mortgage rates decreased overall during this past week, with the average rate for a 30-year fixed-rate mortgage (FRM) falling to 4.57%, down from 4.62% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.
Mortgages rates have now declined in three of the past four weeks, according to the report.
Sam Khater, chief economist for Freddie Mac, says rates remained mostly tranquil heading into the first week of summer.
“After a sharp run-up in the early part of 2018, rates have stabilized over the last three months, with only a modest uptick since March,” Khater says in a statement. “However, existing-home sales have hit a wall, declining in six of the last nine months on a year-over-year basis.
“This indicates that persistently low supply levels, and not this year’s climb in mortgage rates, are handcuffing sales – especially at the lower end of the market,” he says. “Home shoppers can’t buy inventory that doesn’t exist.”
A year ago at this time, the 30-year FRM averaged 3.90%.
The average rate for a 15-year FRM this week was 4.04%, down from 4.07%. A year ago at this time, the 15-year FRM averaged 3.17%.
The average rate for a five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was 3.83%, unchanged from last week. A year ago at this time, the five-year ARM averaged 3.14%.