Mortgage rates continued to tempt potential homebuyers out in recent weeks to take advantage of slightly improved inventories of homes and better affordability with a low rate.
The 30-year fixed rate for a mortgage was up 3 basis points to 3.21% as of June 11 in the Freddie Mac data. The increase was small and only brought the rate slightly above the recent historic low of 3.15% of of May 28. For June to-date, the average is at 3.20%, the lowest monthly rate on record after 3.23% in May.
The 15-year fixed rate is somewhat above series lows but still a bargain in the historic context. The rate was unchanged at 2.62% as of June 11. The rate averaged 2.62% for June to-date compared to 2.69% for May.
The rate for a 5/1-year ARM was unchanged in the week at 3.10% and 6 basis points below the average of 3.16% for May.
The latest mortgage applications data show that in spite of the COVID-19 pandemic and greater economic uncertainty, consumers who can are still willing to enter the housing market to take advantage of favorable rates and perhaps a little more bargaining power.
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