The 30-Year fixed rate mortgage averaged 2.96 per cent for the week ending June 10th. This week's Freddie Mac Primary Mortgage Market Survey found the 30-year fixed rate mortgage average down from last week and remaining below 3%.
Freddie Mac's Chief Economist Sam Khater expects economic growth will remain strong in the comping moths as pandemic restrictions continue to lift. Khater says despite the stronger economy the housing market is experiencing a slowdown in purchase applications due to modestly higher mortgage rates. He says that slowdown has yet to translate into weaker home prices because the shortage of housing inventory continues to keep prices up.
•30-year fixed-rate mortgage averaged 2.96 percent with an average 0.7 point for the week ending June 10, 2021, down from last week when it averaged 2.99 percent. A year ago at this time, the 30-year FRM averaged 3.21 percent.
•15-year fixed-rate mortgage averaged 2.23 percent with an average 0.6 point, down from last week when it averaged 2.27 percent. A year ago at this time, the 15-year FRM averaged 2.62 percent.
•5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.55 percent with an average 0.2 point, down from last week when it averaged 2.64 percent. A year ago at this time, the 5-year ARM averaged 3.10 percent.