Jun 10

Mortgage Rates Drop

Mortgage Rates Drop

Mortgage Rates Drop

This marks the sixth consecutive weekly decline for mortgage rates, leaving some borrowers wondering how low will they go. The 30-year fixed-rate mortgage averaged 3.82% this week, the lowest average since September 2017.

“While the drop in mortgage rates is a good opportunity for consumers to save on their mortgage payment, our research indicates that there can be a wider dispersion among mortgage rate offers,” says Sam Khater, Freddie Mac’s chief economist. “By shopping around and getting a single additional mortgage rate quote, a borrower can save an average of $1,500.”

Freddie Mac reports the following national averages with mortgage rates for the week ending June 6:

  • 30-year fixed-rate mortgages: averaged 3.82%, with an average 0.5 point, falling from last week’s 3.99%. Last year at this time, 30-year rates averaged 4.54%.
  • 15-year fixed-rate mortgages: averaged 3.28%, with an average 0.5 point, falling from last week’s 3.46% average. A year ago, 15-year rates averaged 4.01%.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.52%, with an average 0.4 point, falling from last week’s 3.60% average. A year ago, 5-year ARMs averaged 3.74%.
Source:
Freddie Mac

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