The 30-year fixed mortgage rate dropped for the fourth consecutive week and hit its lowest level in nearly seven months, Freddie Mac reported Thursday.
The 30-year fixed-rate mortgage (FRM) averaged 3.89% with an average 0.5 point for the week ending June 8, 2017, down from last week when it averaged 3.94%. A year ago at this time, the 30-year FRM averaged 3.60%.
The 15-year FRM this week averaged 3.16% with an average 0.5 point, down from last week when it averaged 3.19%. A year ago at this time, the 15-year FRM averaged 2.87%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.11% this week with an average 0.5 point, the same as last week. A year ago at this time, the 5-year ARM averaged 2.82%.
Said Sean Becketti, chief economist at Freddie Mac, “Mixed economic data and increasing uncertainty are continuing to push rates to the lowest levels in nearly seven months.”
