Mortgage Rates Tied to Last Week’s Record Low: 3.13%
MCLEAN, Va. – Mortgage rates changed little this week. According to Freddie Mac’s Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 3.13% – the same as last week’s average.
“After the Great Recession, it took more than 10 years for purchase demand to rebound to pre-recession levels – but in this crisis, it took less than ten weeks,” says Freddie Mac Chief Economist Sam Khater.
Khater things a “rebound in purchase demand partly reflects deferred sales” that were postponed during the height of the pandemic. However, he also sees “continued interest from prospective buyers looking to take advantage of the low mortgage rate environment.”
Mortgage rate snapshot
- The 30-year fixed-rate mortgage averaged 3.13% with an average 0.8 point for the week ending June 25, 2020 – unchanged from last week. A year ago at this time, it averaged 3.73%.
- The 15-year fixed-rate mortgage averaged 2.59% with an average 0.8 point, up slightly from last week’s 2.58%. A year ago at this time, it averaged 3.16%.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.08% with an average 0.5 point, down slightly from last week’s 3.09%. A year ago at this time, it was 3.39%.