‘Mortgage Rates Drop’ After Last Week’s Spike

Good news about real estate loans! The average fixed-rate mortgages reversed course this week, falling after having soared to new highs for 2015 last week.

Freddie Mac reports the following mortgage rate averages for the week ending June 18:

  • 30-year fixed-rate mortgages: averaged 4 percent, with an average 0.7 point, dropping from last week’s 4.04 percent average. Last year at this time, 30-year rates averaged 4.17 percent.
  • 15-year fixed-rate mortgages: averaged 3.23 percent, with an average 0.5 point, dropping from last week’s 3.25 percent average. A year ago, 15-year rates averaged 3.30 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3 percent, with an average 0.4 point, dropping from last week’s 3.01 percent average. Last year at this time, 5-year ARMs averaged 3 percent.

Source: Freddie Mac