Freddie Mac today released the results of its Primary Mortgage Market Survey®, showing that the 30-year fixed rate mortgage averaged 2.96 percent.
“The economy is recovering remarkably fast and as pandemic restrictions continue to lift, economic growth will remain strong over the coming months,” said Sam Khater, Freddie Mac’s Chief Economist.
“Despite the stronger economy, the housing market is experiencing a slowdown in purchase application activity due to modestly higher mortgage rates. However, it has yet to translate into a weaker home price trajectory because the shortage of inventory continues to cause pricing to remain elevated.”
Mortgage Rates, as of June 10, 2021:
- The 30-year fixed-rate mortgage averaged 2.96 percent with an average 0.7 point for the week ending June 10, 2021, down from last week when it averaged 2.99 percent. A year ago at this time, the 30-year FRM averaged 3.21 percent.
- The 15-year fixed-rate mortgage averaged 2.23 percent with an average 0.6 point, down from last week when it averaged 2.27 percent. A year ago at this time, the 15-year FRM averaged 2.62 percent.
The PMMS® is focused on conventional, conforming, fully-amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Borrowers may still pay closing costs which are not included in the survey.
So what does that mean for you? Securing even a fraction of a percentage lower interest rate on your mortgage can save you tens of thousands of dollars over the life of your loan. And as the country (and the economy) recovers from the Coronavirus pandemic, potential buyers could see mortgage rates drop even lower than they are today — making 2021 a great time to invest and buy a new home.