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Mortgage Rates Continues To Drop

Mortgage rates, or interest rates on home loans, continues to decline, 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 2.93 percent for the week ending June 17, 2020, down from 2.96 percent last week. A year ago at this time, the average rate was 3.13 percent.

The 15-year FRM this week averaged 2.24 percent, up from 2.24 percent last week. A year ago at this time, the 15-year FRM averaged 2.58 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 2.52 percent, down from 2.55 percent last week. It was 3.09 percent a year ago.

"Mortgage rates continue to drift down as markets concur with the view that inflation increases are temporary," said Sam Khater, Freddie Mac's Chief Economist. "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. With inventory tight, the slowdown in demand has yet to impact prices, meaning the summer will likely remain a strong seller's market."

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