As of the June 20 week, Freddie Mac put the 30-year fixed rate up 2 basis points to 3.84% and the 15-year rate down 1 basis point to 3.25%. These both remain close to lows not seen since October and November 2017. The 5/1-year ARM rate was down 3 basis points to 3.48%, the lowest since 3.46% in the January 18, 2018 week.
The average 30-year fixed rate for June to-date is 3.83%, the lowest since 3.81% in September 2017. The 15-year fixed rate averaged 3.26% so far in June, its lowest since 3.20% in October 2017. The 5/1-year ARM averaged 3.50% through the first three weeks of June, its lowest since 3.47% in January 2018.
Altogether, rates are at least 18-month lows and a level sufficient to coax out reluctant homebuyers and motivate refinancing of existing mortgages. This should continue to make housing a bright spot for the economy in the second quarter.
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