Mortgage Rates Remain Low for Buyers Who Can Qualify
June 12, 2020
The 30-year fixed-rate mortgage continued to hover near its all-time low this week, averaging 3.21%, Freddie Mac reports.
“The rebound in home buyer demand continued this week, driven by mortgage rates,” says Sam Khater, Freddie Mac’s chief economist. “This turnaround in demand, particularly by those who have higher incomes than the typical household, also reflects deferred sales from the spring.”
Freddie Mac reports the following national averages for the week ending June 11:
- 30-year fixed-rate mortgages: average 3.21%, with an average 0.9 point, rising slightly from last week’s 3.18% average. At the end of May, 30-year rates reached a record low average of 3.15%. A year ago, 30-year rates averaged 3.82%.
- 15-year fixed-rate mortgages: averaged 2.62%, with an average 0.8 point, unchanged from last week. Last year at this time, 15-year rates averaged 3.26%.
- 5-year hybrid adjustable-rate mortgages: averaged 3.10%, with an average 0.4 point, unchanged from last week’s average. Last year at this time, the 5-year ARM averaged 3.51%.
Freddie Mac reports average commitment rates along with average fees and points to reflect the total upfront cost of obtaining a mortgage.
Updated: July 02, 2020