No news is good news for borrowers.
The 30-year fixed-rate mortgage averaged 3.13 percent for the second week in a row, remaining at a record low, Freddie Mac announced Thursday in its Primary Mortgage Market Survey.
“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,” said 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.”
The survey found:
- 30-year fixed-rate mortgage averaged 3.13 percent with an average 0.8 point for the week ending June 25, unchanged from last week and down from 3.73 percent a year ago.
- 15-year fixed-rate mortgage averaged 2.59 percent with an average 0.8 point, up slightly from last week’s 2.58 percent and last year’s 3.16 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.08 percent with an average 0.5 point, down slightly from last week’s 3.09 percent and last year’s 3.39 percent.
See the full report here.