Mortgage Rates Mostly Flat

Mortgage rates held steady during the week ended June 13, with the average rate for a 30-year fixed rate mortgage holding at 3.82%, according to Freddie Mac’s Primary Mortgage Market Survey.

A year ago at this time, the average rate for a 30-year was 4.62%.

The average rate for a 15-year fixed rate mortgage was 3.26%, down from 3.28% the previous week.

A year ago at this time, the average rate for a 15-year was 4.07%.

The average rate for a 5/1 adjustable rate mortgage (ARM) was 3.51%, down from 3.52%.

A year ago at this time, the average rate for a five-year ARM was 3.83%.

“Mortgage rates were mostly unchanged from last week due to easing of trade tensions with Mexico which helped stabilize markets,” says Sam Khater, chief economist for Freddie Mac, in a statement. “These historically low rates should provide continued opportunities for current homeowners to refinance their mortgages, which combined with new homebuyer activity will help sustain the momentum in the housing market in 2019.”

[“source=mortgageorb”]

Author: Roky