Mortgage Rates Tick Up Slightly After Last Week’s Record Low
June 5, 2020
The 30-year fixed-rate mortgage inched up after reaching an all-time low last week. However, mortgage rates continue to hover near the lowest averages ever recorded by mortgage financing giant Freddie Mac.
The 30-year fixed-rate mortgage averaged 3.18% this week, up slightly from last week’s all-time low of 3.15%.
“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,” says Sam Khater, Freddie Mac’s chief economist. “While home buyer 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.”
Freddie Mac reports the following national averages with mortgage rates for the week ending June 4:
- 30-year fixed-rate mortgages: averaged 3.18%, with an average 0.7 point, rising from last week’s 3.15% average. Last year at this time, 30-year rates averaged 3.82%.
- 15-year fixed-rate mortgages: averaged 2.62%, with an average 0.7 point, unchanged from last week. A year ago, 15-year rates averaged 3.28%.
- 5-year hybrid adjustable-rate mortgages: averaged 3.10%, with an average 0.4 point, falling from last week’s 3.13% average. A year ago, 5-year ARMs averaged 3.52%.
Freddie Mac reports average commitment rates with average fees and points to reflect the total upfront cost of obtaining the mortgage.
Updated: July 02, 2020