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Mortgage Interest Rates Hit Lowest Point in 2017

Jul 2, 2017 12:21:34 PM

Average U.S. mortgage interest rates declined to the lowest point in 2017 for the week ending June 29, 2017, according to Freddie Mac's weekly Primary Mortgage Market Survey. 

Beacon Hill Boston Massachusetts The 30-year, fixed rate mortgage loan, with an average 0.5 point, declined to 3.88 percent from the previous week's 3.90 percent. During the same week last year the 30-year note averaged 3.48 percent. 

"The 30-year mortgage rate fell 2 basis points to 3.88 percent this week; however, the majority of our survey was conducted prior to Tuesday's sell-off in the bond market which drove Treasury yields higher," Sean Becketti, Freddie Mac's chief economist, said. "Mortgage rates may increase in next week's survey if Treasury yields continue to rise."

The 15-year, fixed rate mortgage, with an average 0.5 point, remained at 3.17 percent, but the 15-year loan was 39 basis points higher than last year's 2.78 percent.

The five-year, adjustable rate mortgage (ARM) increased from 3.14 percent to 3.17 percent for the week ending June 29, 2017. A year ago the five-year ARM averaged 2.70 percent.

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Topics: Mortgage Rates & News

    

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