According to Freddie Mac's latest Primary Mortgage Market Survey, the average 30-year fixed mortgage rate in the U.S. dropped to a new 2017 low in late June.
Sean Becketti, chief economist of Freddie Mac said, "The 30-year mortgage rate fell 2 basis points to 3.88 percent this week. However, the majority of our survey was conducted prior to last Tuesday's sell-off in the bond market which drove Treasury yields higher. Mortgage rates may increase in next week's survey if Treasury yields continue to rise."
Freddie Mac News Facts:
30-year fixed-rate mortgage (FRM) averaged 3.88 percent with an average 0.5 point for the week ending June 29, 2017, down from last week when it averaged 3.90 percent. A year ago at this time, the 30-year FRM averaged 3.48 percent.
15-year FRM this week averaged 3.17 percent with an average 0.5 point, the same as last week. A year ago at this time, the 15-year FRM averaged 2.78 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.17 percent this week with an average 0.5 point, up from last week when it averaged 3.14 percent. A year ago at this time, the 5-year ARM averaged 2.70 percent.
Led by a decline in multifamily production, nationwide housing starts fell 5.5 percent in May to a seasonally adjusted annual rate of 1.09 million units. Multifamily starts fell 9.7 percent to a seasonally adjusted annual rate of 289,000 units.
U.S. pending home sales in April 2017 slumped for the second consecutive month and were down year-over-year nationally and in all four major regions. Only the West saw an increase in contract signings last month.
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