Freddie Mac on Thursday released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates largely unchanged.
The 30-year fixed-rate mortgage (FRM) averaged 3.56 percent with an average 0.6 point for the week ending June 23, 2016, up from last week when it averaged 3.54 percent. A year ago at this time, the 30-year FRM averaged 4.02 percent.
The 15-year FRM this week averaged 2.83 percent with an average 0.5 point, up from last week when it averaged 2.81 percent. A year ago at this time, the 15-year FRM averaged 3.21 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.74 percent this week with an average 0.5 point, unchanged from last week. A year ago, the 5-year ARM averaged 2.98.
“Mortgage rates have been slow to adjust to the 10-year Treasury yield, which has increased 12 basis points since last week,” said Freddie Mac chief economist Sean Becketti. “This week’s survey shows the 30-year fixed rate inching up to 3.56 percent, only 2 basis points above last week’s average. The low rates continue to be good news for the housing market, as existing home sales rose 1.8 percent to a 5.53 million seasonally adjusted annual rate in the month of May — the highest level since February 2007.”
For more information on current Baltimore mortgage rates, contact mortgage consultant Chris Montcalmo by clicking here.