The Freddie Mac rate for a 30-year fixed rate mortgage fell to 3.13% as of the June 28 data, a new low for the series both for the weekly numbers. While the housing market usually suffers during a recession, present rates may be enough of an incentive to get buyers out shopping for a home and perhaps spark another round of home refinancings, at least for qualified mortgage applicants. The average for June to-date is 3.17%, a new low for the monthly data.
The rate for a 15-year fixed rate mortgage was down 4 basis points to 2.58% in the June 18 week from 2.62% and just above the series low of 2.56%. The average for June so far is 2.61%, matching the monthly series low of 2.61%.
The rate for a 5/1-year adjustable rate mortgage was essentially unchanged in the June 18 wee at 3.09% after 3.10 in the prior two weeks.
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