Mortgage rates stabilize

Freddie Mac released Thursday the results of its Primary Mortgage Market Survey, showing that after consistent declines in late spring, mortgage rates have stabilized with this week’s 30-year fixed-rate mortgage rate settling in near 3.8 percent for the third straight week.

MCLEAN, Va. — Freddie Mac released June 20 the results of its Primary Mortgage Market Survey, showing that after consistent declines in late spring, mortgage rates have stabilized with this week’s 30-year fixed-rate mortgage rate settling in near 3.8% for the third straight week.

“While the continued drop in mortgage rates has paused, homebuyer demand has not,” said Sam Khater, Freddie Mac’s chief economist. “This is evident in increased purchase activity and loan amounts, indicating that homebuyers still have the willingness and capacity to purchase homes. Today’s low rates, strong job market, solid wage growth and consumer confidence are typically important drivers of home sales.”

The 30-year fixed-rate mortgage averaged 3.84% with an average 0.5 point for the week ending June 20, up from the week before when it averaged 3.82%. A year ago at this time, the 30-year FRM averaged 4.57%.

The 15-year FRM averaged 3.25% with an average 0.4 point, down from the week before when it averaged 3.26%. A year ago at this time, the 15-year FRM averaged 4.04%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.48 % with an average 0.4 point, down from the week before when it averaged 3.51%. A year ago at this time, the 5-year ARM averaged 3.83%.

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