Mortgage Rates Continue to Drop

Thirty-year mortgage rates hit their lowest level in almost seven months during the week ending June 8, 2017, falling to 3.89 percent, according to Freddie Mac data as reported by Realtor® Magazine. The article suggests “home buyers may want to rush to lock in” their rates.

The 10-year Treasury yield dropped three basis points during the week ending June 8, 2017, and according to Freddie Mac Chief Economist Sean Becketti, “The 30-year mortgage rate moved in tandem with Treasury yields, falling 5 basis points to 3.89 percent. Mixed economic data and increasing uncertainty are continuing to push rates to the lowest levels in nearly seven months.”

The 3.89 percent average for 30-year fixed-rate mortgages with an average of 0.5 points down was a decrease from the previous week’s rate of 3.94 percent. In the same time period of 2016, 30-year fixed-rate mortgage rates averaged 3.60 percent.

Rates for 15-year fixed-rate mortgages averaged 3.16 percent for the week ending June 8, 2017, also with an average of 0.5 points used to buy down the rate. The previous week, rates averaged 3.19 percent, and in the same time period of 2016, 15-year fixed-rate mortgages averaged 2.87 percent.

Rates for 5-year hybrid adjustable-rate mortgages remained the same, averaging 3.11 percent, with an average 0.5 points down, both the week ending June 8 and the week previous. In the same time period of 2016, rates for 5-year hybrid adjustable-rate mortgages averaged 2.82 percent.

Visit Freddie Mac’s newsroom for more information on mortgage interest rates.

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