logo
Plus   Neg
Share
Email

Mortgage Rates Remain Steady At Record Lows

Mortgage rates, or interest rates on home loans, continued to remain at the lowest level reached last week, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 3.13 percent for the week ending June 25, 2020, flat compared to last week. A year ago at this time, the average rate was 3.73 percent.

The 15-year FRM this week averaged 2.59 percent, up from 2.58 percent last week. A year ago at this time, the 15-year FRM averaged 3.16 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.08 percent, down from 3.09 percent last week. It was 3.39 percent a year ago.

"After the Great Recession, it took more than ten years for purchase demand to rebound to pre-recession levels, but in this crisis, it took less than ten weeks," said Sam Khater, Freddie Mac's Chief Economist. "The rebound in purchase demand partly reflects deferred sales as well as continued interest from prospective buyers looking to take advantage of the low mortgage rate environment."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Euromarket Designs, Inc., doing business as CB2, has recalled Junction tall chests and low dressers citing tip-over and entrapment hazards to children, according to the U.S. Consumer Product Safety Commission. The Chicago, Illinois - based company has called back about 11,000 units sold in the United States and about 355 units sold in Canada. Samsung Electronics Co Ltd (SMSN.L, SSNNF.OB, SSNLF.OB) reported a profit for the fourth-quarter that increased 23.3 percent from last year, led by display and memory chip businesses.Quarterly revenue grew 2.8 percent from the prior year. The company expects overall profit to weaken in the first quarter of 2021. Facebook Inc. (FB) Wednesday reported a fourth-quarter profit that increased from a year ago, driven largely by 33% growth in revenues. The social media giant's earnings and revenues for the quarter trumped Wall Street estimates, but the company warned of "significant uncertainty" in 2021. Menlo Park,...
Follow RTT