For the week ending June 22, 2017, mortgage rates remained relatively steady, according to the most recent report by Freddie Mac’s Primary Mortgage Market Survey. The 30-year FRM rate fell by a single basis point while the 10-year Treasury yield increased by 3 basis points after last week’s slight dip.
Despite the current uncertainty in the market, mortgage rates continue to be at a holding pattern for the week, staying at historic low range that has moved little since the phenomenal Brexit last year.
Detailed in the survey,
- The 30-year FRM rate concluded with an average of 3.90 percent, a little way down from 3.91 percent a week prior. At the same time a year ago, the average was at 3.56 percent.
- The 15-year FRM averaged 3.17 percent, also a decline from the previous week’s 3.18 percent, while higher compared to the median percentage of 2.83 percent a year ago.
- The five-year Treasury-indexed hybrid adjustable-rate mortgage finished at an average of 3.14 percent this week, also down from last week’s 3.15 percent. Last year, the average was at 2.74 percent.
Mortgage interest rates had been patient, despite the recent Fed rate hike that slightly ticked the numbers up. There’s a great deal of uncertainty in the market about what’s to come next. The political factors that affect legislation and influence rates remain erratic and even forecasts have their own way of going sideways.
This being the reality, the best you can do is lock in on current rate, as experts also encourage many buyers to get a mortgage while you can. If you are planning to purchase or refinance, securing your rate now will save you from any future trends upwards that can negate any potential savings you will have earned from today’s historic low mortgage rates. Speak with your financial advisor to help evaluate if the move to refinace or purchase is right for you.Get Connected Here »