The 30-year fixed-rate mortgage averaged 3.13 percent with an average 0.8 point for the week ending June 25, which was unchanged from the week prior, according to Freddie Mac’s most recent Primary Mortgage Market Survey.
A year ago at this time, the 30-year fixed-rate mortgage averaged 3.73 percent.
The 15-year fixed-rate mortgage averaged 2.59 percent with an average 0.8 point, up slightly from last week, when it averaged 2.58 percent. A year ago at this time, the 15-year fixed-rate mortgage averaged 3.16 percent.
The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.08 percent with an average 0.5 point, down slightly from last week, when it averaged 3.09 percent. A year ago at this time, the five-year ARM averaged 3.39 percent.
“After the Great Recession, it took more than 10 years for purchase demand to rebound to pre-recession levels. But in this crisis, it took less than 10 weeks,” says Sam Khater, Freddie Mac’s chief economist.
“The rebound in purchase demand partly reflects deferred sales, as well as continued interest from prospective buyers looking to take advantage of the low mortgage rate environment,” Khater adds.
Photo: Sam Khater