It’s another record.
Rates for a 30-year fixed-rate mortgage tumbled to an average of 3.13 percent his week, the lowest rate since Freddie Mac started tracking them in 1971, Freddie announced Thursday.
“Mortgage rates have hit another record low due to declining inflationary pressures, putting many homebuyers in the buying mood,” said Sam Khater, Freddie Mac’s Chief Economist. “However, it will be difficult to sustain the momentum in demand as unsold inventory was at near record lows coming into the pandemic and it has only dropped since then.”
Freddie’s weekly survey for the week ending June 18 found:
- 30-year fixed-rate mortgage averaged 3.13 percent with an average 0.8 point, down from last week when it averaged 3.21 percent and last year’s 3.84 percent.
- 15-year fixed-rate mortgage averaged 2.58 percent with an average 0.8 point, down from last week’s 2.62 percent and last year’s averaged 3.25 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.09 percent with an average 0.4 point, down from last week’s 3.10 percent and last year’s 3.48 percent.
“While the rebound in the economy is uneven, one segment that is exhibiting strength is the housing market,” said Sam Khater, Freddie Mac’s chief economist. “Purchase demand activity is up over 20 percent from a year ago, the highest since January 2009.”