Freddie Mac on Thursday released the results of its Primary Mortgage Market Survey, showing average fixed mortgage rates in Baltimore and nationwide dropping to new 2016 lows in the wake of the Brexit vote. At 3.48 percent, the 30-year fixed-rate mortgage is only 17 basis points from its November 2012 all-time record low of 3.31 percent.
The 30-year fixed-rate mortgage (FRM) averaged 3.48 percent with an average 0.5 point for the week ending June 30, 2016, down from last week when it averaged 3.56 percent. A year ago at this time, the 30-year FRM averaged 4.08 percent.
The 15-year FRM this week averaged 2.78 percent with an average 0.4 point, down from last week when it averaged 2.83 percent. A year ago at this time, the 15-year FRM averaged 3.24 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.70 percent this week with an average 0.5 point, down from last week when it averaged 2.74 percent. A year ago, the 5-year ARM averaged 2.99.
Borrowers may still pay closing costs which are not included in the survey.
“In the wake of the Brexit vote, the yield on the 10-year U.S. Treasury bond plummeted 24 basis points,” said Freddie Mac chief economist Sean Becketti. “The 30-year mortgage rate declined as well, but not by as much, falling 8 basis points to 3.48 percent. This week’s survey rate is the lowest since May 2013 and only 17 basis points above the all-time low recorded in November 2012. This extremely low mortgage rate should support solid home sales and refinancing volume this summer.”
For more information on Baltimore mortgage rates, contact mortgage consultant Chris Montcalmo by clicking here.