Mortgage rates dropped slightly from the previous week, according to the latest report from Freddie Mac.
The 30 year fixed mortgage for the week ending June 22, 2017 averaged 3.90% with an average 0.5 point, down from the previous week’s average of 3.91%. Last year, the 30 year average was 3.56% for the same time period last year.
Average rates for the 15-year mortgage was at 3.17%, a decrease from last week when it averaged 3.16%. A year ago at this time, the 15-year FRM averaged 2.83%.
5-year adjustable-rate mortgage (ARM) average rates were at 3.14%, with an average 0.4 point, slightly lower than last week when it averaged 3.15%. A year ago, the 5-year ARM averaged 2.74%.
Sean Becketti, Freddie Mac’s chief economist had issued this statement:
“Following last week’s sharp decline, the 10-year Treasury yield rose 3 basis points this week. The 30-year mortgage rate remained relatively flat, falling 1 basis point to 3.90 percent. Mortgage rates are continuing to hold at year-to-date lows amidst ongoing economic uncertainty.”
Here are today’s rates from some of the top lenders.
Bank of America’s 30-year fixed mortgage is 3.75% and the 15-year mortgage is 3.00%. The 10/1 ARM is 3.375% and the 5/1 ARM is 2.875%.
Wells Fargo is reporting the 30-year fixed is 4.00% and the 15-year fixed is 3.375%. The 30-year refinance rate is 4.125% and the 15-year mortgage is 3.375%.
The 30-year fixed purchase mortgage rate at Chase Mortgage is 3.75% and the 15 year is 3.125%. 30-year fixed mortgage refinance rates are at 3.875% and the 15-year fixed is at 3.125%.
The mortgage rates quoted above are directly from the lenders’ website. They are not guaranteed and can change at any time. If you would like a live rate quote and/or to discuss other possible mortgage options, please call me, Erik Sandstrom with Prime Lending at 1-800-779-4547; or send me an email to Erik.Sandstrom@PrimeLending.com.
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