Home buyers are reaping some of the lowest borrowing costs in years this buying season. The 30-year fixed-rate mortgage remained unchanged from last week at 3.82%, which matched last week for the lowest average since September 2017.
“Mortgage rates were mostly unchanged from last week due to easing of trade tensions with Mexico, which helped stabilize markets,” says Sam Khater, Freddie Mac’s chief economist. “These historically low rates should provide continued opportunities for current homeowners to refinance their mortgages—which combined with new home buyer activity—will help sustain the momentum in the housing market in 2019.”
Freddie Mac reports the following national averages with mortgage rates for the week ending June 13:
- 30-year fixed-rate mortgages: averaged 3.82%, with an average 0.6 point, unchanged from last week. Last year at this time, 30-year rates averaged 4.62%.
- 15-year fixed-rate mortgages: averaged 3.26%, with an average 0.5 point, dropping from last week’s 3.28% average. A year ago, 15-year rates averaged 4.07%.
- 5-year hybrid adjustable-rate mortgages: averaged 3.51%, with an average 0.4 point, falling from last week’s 3.52% average. A year ago, 5-year ARMs averaged 3.83%.
Source: Freddie Mac