July 30, 2021

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Mortgage News

Mortgage Rates Inch Up But Stay Below Three Percent

MCLEAN, Va., June 3, 2021 (GLOBE NEWSWIRE) – Freddie Mac (OTCQB: FMCC) today announced the results of its Primary Mortgage Market Survey® (PMMS®), which shows that the 30-year fixed-rate mortgage (FRM) averaged 2.99 percent.

“House prices continue to accelerate while inventories remain low and new homes cannot be built quickly enough,” said Sam Khater, Freddie Mac’s chief economist. “There are many potential homebuyers looking to take advantage of low mortgage rates, but competition is fierce. For homeowners, however, the persistently low interest rates make refinancing an option worth considering. “

Facts

  • 30-year fixed-rate mortgage June 2021 averaged 2.99 percent with an average 0.6 point value, compared to last week when it averaged 2.95 percent. A year ago, the 30-year-old FRM averaged 3.18 percent at this point.
  • 15-year fixed-rate mortgage an average of 2.27 percent with an average of 0.6 points, unchanged from the previous week. A year ago, the 15-year-old FRM averaged 2.62 percent at this point.
  • 5-year hybrid Treasury indexed floating rate mortgage (ARM) averaged 2.64 percent, averaging 0.2 points, from last week when it averaged 2.59 percent. A year ago, the 5-year ARM averaged 3.10 percent at this point.

The PMMS focuses on conventional, compliant, fully amortizing home loans for borrowers that are 20 percent back and have excellent credit ratings. Average retention rates should be reported along with average fees and points to reflect the total up-front cost of maintaining the mortgage. Visit the link below for that Definitions. Borrowers can still pay closing costs that are not included in the survey.

Freddie Mac makes homes for millions of families and individuals by providing mortgage capital to lenders. Since our inception by Congress in 1970, we’ve made housing more accessible and affordable for home buyers and renters in communities across the country. We’re building a better home finance system for home buyers, renters, lenders, investors, and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

MEDIA CONTACT:
Angela Waugaman
703-714-0644
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a555d2f6-40e5-40fb-a6c1-bbad79cd4fac