Interest rate financial and mortgage rates concept. Hand flip wood cube change arrow down to up
“Mortgage rates continued to inch downward this week but are still significantly higher than last year, affecting affordability and purchase demand,” said Sam Khater, Freddie Mac’s Chief Economist. “Heading into the summer, the potential homebuyer pool has shrunk, supply is on the rise and the housing market is normalizing. This is welcome news following unprecedented market tightness over the last couple years.”
News Facts
- The 30-year fixed-rate mortgage averaged 5.09 percent with an average 0.8 point as of June 2, 2022, down slightly from last week when it averaged 5.10 percent. A year ago at this time, the 30-year FRM averaged 2.99 percent.
- The 15-year fixed-rate mortgage averaged 4.32 percent with an average 0.8 point, up slightly from last week when it averaged 4.31 percent. A year ago at this time, the 15-year FRM averaged 2.27 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.04 percent with an average 0.3 point, down from last week when it averaged 4.20 percent. A year ago at this time, the 5-year ARM averaged 2.64 percent.
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The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Very Vintage Vegas does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Very Vintage Vegas, will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
