Borrowing costs from mortgage rates were cheaper this week than at the same time last year, Freddie Mac reports in its weekly mortgage market survey.
A year ago at this time, the Federal Reserve had announced a tapering of its monthly mortgage bond-buying program, which had spurred market anticipation that the Fed would be rising its mortgage rates soon. The 30-year fixed-rate mortgage had then jumped to a 4.46 percent average. This week, rates averaged 4.14 percent.
Here’s an overview of the national averages for the week ending June 26:
- 30-year fixed-rate mortgages: averaged 4.14 percent, with an average 0.5 point, dropping from last week’s 4.17 percent average. Last year at this time, 30-year rates averaged 4.46 percent.
- 15-year fixed-rate mortgages: averaged 3.22 percent, with an average 0.5 point, dropping from last week’s 3.30 percent average. A year ago, 15-year rates averaged 3.50 percent.
- 5-year hybrid adjustable-rate mortgages: averaged 2.98 percent, with an average 0.3 point, dropping from a 3 percent average. Last year at this time, 5-year ARMs averaged 3.08 percent.
Source: Freddie Mac