Freddie Mac’s results of its Primary Mortgage Market Survey® shows that “While the drop in mortgage rates is a good opportunity for consumers to save on their mortgage payment, our research indicates that there can be a wide dispersion among mortgage rate offers. By shopping around and getting a single additional mortgage rate quote, a borrower can save an average of $1,500. These low rates are also good news for current homeowners. With rates dipping below four percent, there are over $2 trillion of outstanding conforming conventional mortgages eligible to be refinanced – meaning the majority of what was originated in 2018 is now eligible.”
- 30-year fixed-rate mortgage (FRM) averaged 3.82 percent with an average 0.5 points for the week ending June 6, 2019, down from last week when it averaged 4.14 percent. A year ago, at this time, the 30-year FRM averaged 4.54 percent.
- 15-year FRM this week averaged 3.28 percent with an average 0.5 points, down from last week when it also averaged 3.6 percent. A year ago, at this time, the 15-year FRM averaged 4.01 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.52 percent this week with an average 0.4 points, down from last week when it averaged 3.68 percent. A year ago, at this time, the 5-year ARM averaged 3.74 percent.