Mortgage rates fell for the third week in a row, according to the latest data from Freddie Mac (FM).
- 30-YR FIXED: Fell 3 basis points to 2.93% with an average 0.7 point for the week ending June 17th. This is down from a year ago when it averaged 3.13%
- 15-YR FIXED: Actually increased 1 bip to 2.24% with an average 0.6 point. However, it was still down from a year ago when it averaged 2.58%.
Sam Khater, Freddie Mac’s Chief Economist, said in a statement, “While mortgage rates are low, purchase demand has weakened over the last couple of months, primarily due to affordability constraints stemming from high home prices.
VOLATILITY: While Freddie Mac is reporting a drop for the week not everyone is reporting the same good news. The Fed meeting has the market bouncing all over the place. Treasury rates are falling, but mortgage rates are moving up. The average rate on the popular 30-year fixed has moved decidedly higher Thursday, hitting a peak of 3.25%, according to Mortgage News Daily. That is the highest rate since mid-April.
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