logo
  

Mortgage Rates Remain Relatively Flat

Mortgage rates, or interest rates on home loans, inched down slightly, 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 5.09 percent for the week ending June 2, 2022, down from 5.10 percent last week. A year ago at this time, the average rate was 2.99 percent.

The 15-year FRM this week averaged 4.32 percent, up from 4.31 percent last week. A year ago at this time, the 15-year FRM averaged 2.27 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 4.04 percent, down from 4.20 percent last week. It was 2.64 percent a year ago.

"Mortgage rates continued to inch downward this week but are still significantly higher than last year, affecting affordability and purchase demand," said Sam Khater, Freddie Mac's Chief Economist. "Heading into the summer, the potential homebuyer pool has shrunk, supply is on the rise and the housing market is normalizing. This is welcome news following unprecedented market tightness over the last couple years."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Ride-hailing company Lyft announced its foray into the media and advertisement business with the launch of Lyft Media as part of its vision to build the world's largest transportation media network. Lyft Media has built a suite of new products to allow advertisers to engage with Lyft's growing audience throughout their transportation journeys. Sysco Corp. (SYY) Tuesday reported a more than a three-times surge in fourth-quarter earnings, supported by 17.5 percent growth in sales. The company projects fiscal 2023 adjusted earnings to grow. Earnings for the quarter spiked to $509.99 million from $151.09 million last year. On a per share basis,... Longmont Colorado -based Royal Crest Dairy is recalling 2% Chocolate Milk citing the potential to be contaminated with undeclared egg, a known allergen, the U.S. Food and Drug Administration said. The recall involves Farmer's 2% Reduced Fat Chocolate Milk Pints with the code date of AUG-22.
Follow RTT