Mortgage rates dropped again this week and have now remained below 3% for the last eight weeks, opening further opportunities for home buyers to lock in historically low rates.
“The economy is recovering remarkably fast and as pandemic restrictions continue to lift, economic growth will remain strong over the coming months,” says Sam Khater, Freddie Mac’s chief economist.
Freddie Mac reports the following national averages with mortgage rates for the week ending June 10:
- 30-year fixed-rate mortgages: averaged 2.96%, with an average 0.7 point, dropping from last week’s 2.99% average. Last year at this time, 30-year rates averaged 3.21%.
- 15-year fixed-rate mortgages: averaged 2.23%, with an average 0.6 point, dropping from last week’s 2.27% average. A year ago, 15-year rates averaged 2.62%.
- 5-year hybrid adjustable-rate mortgages: averaged 2.55%, with an average 0.2 point, falling from last week’s 2.64% average. A year ago, 5-year ARMs averaged 3.10%.
Freddie Mac reports commitment rates along with average fees to better reflect the total upfront cost of obtaining the mortgage.