Freddie Mac: Mortgage Rates Remain Relatively Flat in June 11th Report

Freddie Mac released the results of its Primary Mortgage Market Survey® (“PMMS”®), showing that the 30-year fixed-rate mortgage (“FRM”) averaged 3.21 percent.

“The rebound in homebuyer demand continued this week, driven by mortgage rates that hover near record lows,” said Sam Khater, Freddie Mac’s Chief Economist. “This turnaround in demand, particularly by those who have higher incomes than the typical household, also reflects deferred sales from the Spring.”

News Facts

– 30-year fixed-rate mortgage averaged 3.21 percent with an average 0.9 point for the week ending June 11, 2020, up slightly from last week when it averaged 3.18 percent. A year ago at this time, the 30-year FRM averaged 3.82 percent.

– 15-year fixed-rate mortgage averaged 2.62 percent with an average 0.8 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.26 percent.

– 5-year Treasury-indexed hybrid adjustable-rate mortgage (“ARM”) averaged 3.10 percent with an average 0.4 point, unchanged from last week. A year ago at this time, the 5-year ARM averaged 3.51 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog.

Contact:

Angela Waugaman – Angela_Waugaman@FreddieMac.com – (703) 714-4829

Source: Freddie Mac