After six consecutive weeks of reaching all-time record lows, fixed-rate mortgages reversed course this week, starting to inch upwards, Freddie Mac reports in its weekly mortgage market survey.
Despite the slight uptick in fixed-rate mortgages this week, however, rates “remain near historic lows helping to keep home buyer affordability high, and providing a strong incentive for those looking to refinance,” according to Freddie Mac.
Here’s a closer look at rates for the week ending June 14:
- 30-year fixed-rate mortgages: averaged 3.71 percent, with an average 0.7 point, up from last week’s record setting average of 3.67 percent. A year ago at this time, 30-year rates averaged 4.50 percent.
- 15-year fixed-rate mortgages: averaged 2.98 percent, with an average 0.7 point, also inching up after its record setting average last week of 2.94 percent. Last year at this time, 15-year rates averaged 3.67 percent.
- 5-year adjustable-rate mortgages: averaged 2.80 percent this week, with an average 0.6 point, dropping from last week’s 2.84 average. Last year at this time, 5-year ARMs averaged 3.27 percent.
- 1-year ARMs: averaged 2.78 percent this week, with an average 0.5 point, dropping slightly from last week’s 2.79 percent average. A year ago, 1-year ARMs averaged 2.97 percent.
Source: Freddie Mac