New data shows average fixed mortgage rates have dropped to new 2016 lows in the wake of the Brexit vote, according to Freddie Mac’s most recent Primary Mortgage Market Survey®. At 3.48 percent, the 30-year fixed-rate mortgage is only 17 basis points from its November 2012 all-time record low of 3.31 percent.
“In the wake of the Brexit vote, the yield on the 10-year U.S. Treasury bond plummeted 24 basis points,” says Sean Becketti, chief economist, Freddie Mac. “The 30-year mortgage rate declined as well, but not by as much. This extremely low mortgage rate should support solid home sales and refinancing volume this summer.”
The 30-year fixed-rate mortgage (FRM) averaged 3.48 percent with an average 0.5 point for the week ending June 30, 2016, down from last week when it averaged 3.56 percent. A year ago at this time, the 30-year FRM averaged 4.08 percent.
The 15-year FRM this week averaged 2.78 percent with an average 0.4 point, down from last week when it averaged 2.83 percent. A year ago at this time, the 15-year FRM averaged 3.24 percent.
Results show that the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.70 percent this week with an average 0.5 point, down from last week when it averaged 2.74 percent. A year ago, the 5-year ARM averaged 2.99.
For more information, visit www.freddiemac.com.
