Freddie Mac: Fixed Mortgage Rates Continue Record-Setting Streak
Mortgage rates continued their downward trend, falling for the sixth consecutive week to all-time lows for both 15- and 30-year fixed-rate loans, Freddie Mac reported in its weekly Primary Mortgage Market Survey released June 7. Weak economic and employment data continue to help keep homebuyer affordability high.
The 30-year fixed-rate mortgage slid 0.08 percentage points from the previous week to a record low 3.67 percent (down from 4.49 percent a year ago), while the 15-year fixed-rate dropped 0.03 percentage points to 2.94 percent (down from 3.68 percent a year ago).
However, the five-year Treasury-indexed adjustable-rate mortgage remained steady from the previous week at 2.84 percent (down from 3.28 percent a year ago), while the one-year rate gained 0.04 percentage points to 2.79 percent (down from 2.95 percent a year ago).
“Fixed mortgage rates reached new record lows for the sixth consecutive week as long-term Treasury bond yields declined further following downwardly revised economic growth and job creation data,” Freddie Mac Chief Economist Frank Nothaft said in a news release. “Gross domestic product rose 1.9 percent in the first quarter, after originally being reported as 2.2 percent, led by gains in inventories, more government cutbacks and the slowest increase in corporate profits in over three years.”
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Primary Mortgage Market Survey