Freddie Mac’s most recent Primary Mortgage Market Survey shows the 30-year fixed mortgage rate dropping to a new 2017 low.
“The 30-year mortgage rate fell 2 basis points to 3.88 percent this week,” says Sean Becketti, Freddie Mac’s chief economist. “However, the majority of our survey was conducted prior to Tuesday’s sell-off in the bond market which drove Treasury yields higher. Mortgage rates may increase in next week’s survey if Treasury yields continue to rise.”
Here’s a look at Freddie Mac’s survey findings for the week ending June 29:
• The 30-year fixed-rate mortgage averaged 3.88 percent, with an average 0.5 point, down from the previous week when it averaged 3.90 percent. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.48 percent.
• The 15-year fixed-rate mortgage averaged 3.17 percent, with an average 0.5 point, the same as the previous week. A year ago at this time, the 15-year fixed-rate mortgage averaged 2.78 percent.
• The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.17 percent, with an average 0.5 point, up from the previous week when it averaged 3.14 percent. A year ago, the five-year adjustable-rate mortgage averaged 2.70 percent.