Freddie Mac’s Primary Mortgage Market Survey for the week ended June 18 showed significant decreases in rates on all mortgage products although they are still above the record low territory of late spring.
The 30-year fixed rate mortgage (FRM) dropped to 5.38 percent with 0.7 point from the average of 5.59 percent with 0.7 point reported last week after three consecutive weeks of increases left the average of 4.82 percent reported on May 21 in the dust.
The 15-year FRM averaged 4.89 percent compared to a week earlier when the average was 5.06 percent. Fees and points were unchanged at 0.7 point. Before the recent run-up of rates new mortgagees were enjoying 15-year rates that averaged 4.5 percent.