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On the radar: Affordable mortgage rates continued through June 11 in Freddie Mac data

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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