Freddie Mac mortgage interest rates were down in the June 27 data. The 30-year fixed rate was down 11 basis points to 3.73% from the prior week, the 15-year fixed was down 9 basis points to 3.25%, and the 5/1-year ARM rate was down 9 basis points to 3.39%.
For June to-date, the monthly average was 3.80% for a 30-year mortgage and was the lowest since 3.77% in November 2016. The rate was 3.24% for a 15-year loan and was the lowest since 3.20% in October 2017. At 3.48% for an ARM, the rate was the lowest since 3.47% in January 2018.
The present lows in mortgage rates are likely to support homebuying activity for some weeks yet and encourage borrowers with existing mortgages to refinance. Pent-up demand for homebuying could be limited, but these sorts of rates may tempt some to enter the market.
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