Mortgage Charges Inch Up However Keep Under Three P.c
MCLEAN, Va., June 3, 2021 (GLOBE NEWSWIRE) – Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®) showing that the 30-year fixed-rate mortgage (FRM) is in 2.99 percent average.
“House prices continue to accelerate while inventories remain low and new homes cannot be built fast enough,” said Sam Khater, Freddie Mac’s chief economist. “There are many potential homebuyers looking to take advantage of low mortgage rates, but competition is fierce. For homeowners, however, the persistently low interest rates make refinancing an option worth considering. “
- The 30-year fixed-rate mortgage averaged 2.99 percent, averaging 0.6 points for the week ended June 3, 2021, up from last week when it averaged 2.95 percent. A year ago, the 30-year-old FRM averaged 3.18 percent at this point in time.
- The 15-year fixed-rate mortgage averaged 2.27 percent with an average of 0.6 points, unchanged from the previous week. A year ago, the 15-year-old FRM averaged 2.62 percent at this point.
- The 5-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged 2.64 percent, averaging 0.2 points, from last week when it averaged 2.59 percent. A year ago, the 5-year ARM averaged 3.10 percent at this point.
The PMMS focuses on conventional, compliant, fully amortizing home loans for borrowers that drop 20 percent and have excellent credit ratings. Average retention rates should be reported along with average fees and points to reflect the total up-front cost of maintaining the mortgage. Visit the link below for the definitions. Borrowers can still pay closing costs that are not included in the survey.
Freddie Mac makes homes possible for millions of families and individuals by providing mortgage capital to lenders. Since our inception by Congress in 1970, we’ve made housing more accessible and affordable for home buyers and renters in communities across the country. We’re building a better home finance system for home buyers, renters, lenders, investors and taxpayers. Learn more at FreddieMac.com, Twitter @FreddieMac and Freddie Mac’s blog at FreddieMac.com/blog.
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