30-Year Fixed-Rate Mortgage Unchanged at 4.50 Percent
June 23, 2011
Mortgage rates are mixed but holding steady for a second consecutive week, according to the latest Freddie Mac Primary Mortgage Market Survey.
"Mortgage rates were virtually unchanged this week amid further indications of a soft housing market,” said Frank Nothaft, vice president and chief economist for Freddie Mac. “Although new construction on single-family homes ticked up in May from April, it was still below the overall pace set in 2010. Moreover, existing home sales fell 3.8 percent in May to the fewest since November 2010.”
The 30-year fixed-rate mortgage (FRM) averaged 4.50 percent with an average 0.8 point for the week ending June 23, unchanged from last week when it averaged 4.50 percent. Last year at this time, the 30-year FRM averaged 4.69 percent.
Meanwhile, the 15-year FRM averaged 3.69 percent with an average 0.7 point, up from last week when it averaged 3.67 percent. A year ago at this time, the 15-year FRM averaged 4.13 percent.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.25 percent this week, with an average 0.6 point, down from last week when it averaged 3.27 percent. A year ago, the 5-year ARM averaged 3.84 percent.
The 1-year Treasury-indexed ARM averaged 2.99 percent this week with an average 0.5 point, up from last week when it averaged 2.97 percent. At this time last year, the 1-year ARM averaged 3.77 percent.