Record low interest rates dropped another notch, falling for the sixth consecutive week, the week ending June 7.
The average interest rate on 30-year fixed rate mortgages (FRMs) slipped to 3.67 percent for the week ending June 7, with an average 0.7 point, down from the previous all-time low of 3.75 percent last week.
“Fixed mortgage rates reached new record lows for the sixth consecutive week as long-term Treasury bond yields declined further following downwardly revised economic growth and job creation data,” said Frank Nothaft, vice president and chief economist at Freddie Mac.
The average rate on the 15-year FRM was 2.94 percent, with an average 0.7 point, down from last week, when it averaged 2.97 percent. A year ago at this time, the 15-year FRM averaged 3.68.
The 5-year Treasury-indexed hybrid adjustable rate (ARM) averaged 2.84 percent this week, with an average 0.7 point, unchanged from last week. The 5-year ARM averaged 3.28 percent a year ago.
Finally, for the week ending June 7, Freddie Mac reported the 1-year Treasury-indexed ARM the only benchmark rate to rise. It averaged 2.79 percent this week, with an average 0.4 point, up from last week’s 2.75, but down from 2.95 percent a year ago.