Mortgage rates per inch going down

0
39

[ad_1]

McLean, VA, Jul 01, 2021 (GLOBE NEWSWIRE) – Freddie Mac (OTCQB: FMCC) today released the results of its Initial research of the mortgage market (PMMS) showing that 30-year fixed rate mortgages (FRM) averaged 2.98%.

“Economic growth remains robust and supports more and more segments of the economy,” said Sam Hather, chief economist at Freddie Mac. “While low and stable mortgage rates have supported the housing boom in recent months, deteriorating availability and stocks for sale have slowed market growth.”

News Facts

  • Fixed rate mortgage for 30 years averaged 2.98 percent with an average of 0.6 points for the week ending July 1, 2021, up from last week, when it averaged 3.02 percent. A year ago at this time, the average FRM over 30 years was 3.07%.
  • Mortgage with a fixed interest rate for 15 years an average of 2.26 percent with an average of 0.7 points, compared with last week, when it averaged 2.34 percent. A year ago at this time, the average FRM over 15 years was 2.56%.
  • 5 Year Adjustable Rate Hybrid Mortgage Indexed by Treasury (ARM) averaged 2.54 percent with an average of 0.3 points, slightly higher than last week when it averaged 2.53 percent. A year ago at this time, the average for a 5-year-old ARM was 3.00 percent.

PMMS is focused on conventional, appropriate, fully amortizing home loans for borrowers who have invested 20 percent and have excellent creditworthiness. Average commitment rates should be reported along with average commissions and points to reflect the total initial cost of obtaining the mortgage. Visit the following link for Definitions… Borrowers may still pay closing costs that are not included in the survey.

Freddie Mac makes home construction possible for millions of families and individuals by providing mortgage capital to lenders. Since our inception by Congress in 1970, we have made housing more affordable and affordable for home buyers and renters in communities across the country. We create the best home finance system for home buyers, tenants, lenders, investors and taxpayers. Find out more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog FreddieMac.com/blog

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9a13012d-75f6-45b4-82bc-3fe149c2ce53

MEDIA CONTACTS:
Angela Vogaman
703-714-0644
Angela_Waugaman@FreddieMac.com



[ad_2]

Source link