Bankrate.com says average rates hit a new 7-month low of 4.04% for a 30-year fixed rate mortgage with average 0.24% discount and origination points. That marks the lowest since November 2016.
Jumbo 30-year fixed dipped to 3.99% with the average 15-year fixed mortgage rate down to 3.24%. Meanwhile, the 5-year ARM slipped to 3.40% while the 7-year ARM was down to 3.56%.
Freddie Mac’s mortgage market survey also reveals a drop for 30-year FRM’s, averaging 3.89% with an average 0.5 point for the week ending June 8, down from an average 3.94% in the previous week.
For a 15-year FRM, Freddie’s data shows an average 3.16% rate with an average 0.5 point, down from 3.19%; for a 5-year ARM the average was 3.11% with an average 0.5%, unchanged from the previous week.
"The 10-year Treasury yield fell 3 basis points this week. The 30-year mortgage rate moved in tandem with Treasury yields, falling 5 basis points to 3.89 percent. Mixed economic data and increasing uncertainty are continuing to push rates to the lowest levels in nearly seven months," said Sean Becketti, chief economist at Freddie Mac.
More market update:
Mortgage rates continue to decline with two surveys showing lower rates this week.