Mortgage rates have stabilized after steady declines in the past few weeks, according to Freddie Mac.
Freddie Mac’s Primary Mortgage Market Survey (PMMS) showed that the 30-year fixed-rate mortgage (FRM) was 3.82% with an average 0.6 point for the week ending June 13, consistent from the prior week. The 30-year FRM averaged 4.62% at this time last year.
The 15-year FRM, on the other hand, went down to 3.26% from 3.28% with an average 0.5 point. A year ago, the 15-year FRM was 4.07%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.51% with an average 0.4 point, dropping from 3.52% the week before and 3.83% the past year.
“Mortgage rates were mostly unchanged from last week due to easing of trade tensions with Mexico which helped stabilize markets,” said Freddie Mac Chief Economist Sam Khater. “These historically low rates should provide continued opportunities for current homeowners to refinance their mortgages – which combined with new homebuyer activity – will help sustain the momentum in the housing market in 2019.”