The weekly Freddie Mac 30-year fixed rate for a mortgage was up 3 basis points to 3.18 as of June 4, just above the weekly historical low of 3.155 in the prior week. The rate for a 15-year fixed rate mortgage was unchanged at 2.62%% in the June 4 data, while the rate for a 5/1-year ARM was down 3 basis points to 3.10%.
Recent data from the Mortgage Bankers Associations pointed to an influx of applications in the latest weeks as potential homebuyers moved to take advantage of historically low rates, especially for fixed rate mortgages. Supplies of homes available for sale have improved somewhat and home shoppers may be hoping to capture a bargain while the pandemic keeps all but well-qualified buyers out of the market. This hardly constitutes a recovery from the losses in March and April, but it does hint that May and June may be less barren of sales than previously forecast.
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