For the fourth week in a row, mortgage rates moved lower for the week ending June 8, 2017, according to the latest Freddie Mac report.
Freddie Mac reported the 30 year fixed mortgage average was 3.89% with an average 0.5 point, a decrease from last week’s report when the average was 3.94%. A year ago at this time, it was 3.60%.
Average rates for the 15-year mortgage was at 3.16%, down from the previous week’s average of 3.19%. Last year’s average for the same time period was 2.87%.
5-year adjustable-rate mortgage (ARM) average rate was unchanged at 3.11%, with an average 0.5 point. A year ago, the 5-year ARM averaged 2.82%.
Sean Becketti, Freddie Mac’s chief economist had issued this statement:
“The 10-year Treasury yield fell 3 basis points this week. The 30-year mortgage rate moved in tandem with Treasury yields, falling 5 basis points to 3.89 percent. Mixed economic data and increasing uncertainty are continuing to push rates to the lowest levels in nearly seven months.”
Here are what some of the nation’s top lenders are reporting today.
Bank of America’s 30-year fixed is 3.75% and the 15-year mortgage is 3.00%. The 10/1 ARM is 3.25% and the 5/1 ARM is 2.75%.
The 30-year fixed mortgage purchase rate at Wells Fargo is 3.875% and the 15-year fixed is 3.375%. The 30-year refinance rate is 4.125%, and the 15-year mortgage is 3.375%.
Chase Mortgage is reporting its 30-year fixed rate for the purchase mortgage rate is 3.875% 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 rates quoted above are not guaranteed until lock-in with the respective lender. Your guaranteed rate will depend on various factors including the loan itself, closing costs, buy downs, and rate locks.
If you would like a live rate quote and/or to discuss other possible mortgage options with Banc Home Loans, please call me, Erik Sandstrom, at 1-800-779-4547; or email me at Erik.Sandstrom@PrimeLending.com.