Interest rates didn’t set yet another new record this week, but they are still hovering at historically low levels.
Freddie Mac’s Primary Mortgage Market Survey found that the 30-year fixed-rate mortgage increased to 3.18 percent this week.
“While the economy is slowly rebounding, all signs continue to point to a solid recovery in home sales activity heading into the summer as prospective buyers jump back into the market. Low mortgage rates are a key factor in this recovery,” said Sam Khater, Freddie Mac’s Chief Economist. “While homebuyer demand is up and has been broad-based across most geographies, supply has been slower to improve. In fact, the gap between supply and demand has widened even further than the large gap that existed prior to the pandemic.”
The survey found:
- The 30-year fixed-rate mortgage averaged 3.18 percent with an average 0.7 point for the week ending June 4, up from last week when it averaged 3.15 percent. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.82 percent.
- The 15-year fixed-rate mortgage averaged 2.62 percent with an average 0.7 point, unchanged from last week. A year ago at this time, the 15-year fixed-rate mortgage averaged 3.28 percent.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.10 percent with an average 0.4 point, down from last week when it averaged 3.13 percent. A year ago at this time, the 5-year ARM averaged 3.52 percent.
See the full report here.