Rates fell again last week, but rose after the survey data period ended in reaction to the Fed’s statement on Wednesday.
For the week ending June 17, Freddie Mac announced that 30-year fixed rates decreased to 2.93% from 2.96% the week before. The average for 15-year loans rose one tick to 2.24% and the average for five-year ARMs fell to 2.52%. A year ago, 30-year fixed rates averaged 3.13%, .20% higher than today. Attributed to Sam Khater, Chief Economist, Freddie Mac - "Mortgage rates continue to drift down as markets concur with the view that inflation increases are temporary. While rates are low, purchase demand has weakened over the last couple of months, primarily due to affordability constraints stemming from high home prices. With inventory tight, the slowdown in demand has yet to impact prices, meaning the summer will likely remain a strong seller's market.”
Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Current Indices for Adjustable Rates
Updated June 25, 2021
|
Daily Value
|
Monthly Value
|
|
June 24
|
May
|
|
6-month Treasury Security
|
0.05%
|
0.04%
|
|
1-year Treasury Security
|
0.08%
|
0.05%
|
|
3-year Treasury Security
|
0.48%
|
0.32%
|
|
5-year Treasury Security
|
0.90%
|
0.82%
|
|
10-year Treasury Security
|
1.49%
|
1.62%
|
|
12-month LIBOR
|
|
0.247% (May)
|
|
12-month MTA
|
|
0.108% (May)
|
|
11th District Cost of Funds
|
|
0.343% (April)
|
|
Prime Rate
|
|
3.25% (3/20)
|