Mortgage Rates Slip

Inman News

20 June 2013

After climbing continuously for well over a month, mortgages rates slipped this week.

Rates on 30-year fixed-rate mortgages averaged 3.93 percent with an average point of 0.8 percent for the week ending June 20, down from 3.98 percent last week but up from 3.66 percent a year ago, according to Freddie Mac’s latest Primary Mortgage Market Survey.

Rates on 15-year fixed-rate mortgages and one-year Treasury-indexed ARMs also decreased. Rates on five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans held steady.

Mortgage rates have shot up since early May. Recently, Fannie Mae raised its forecast for year-end rates by half a percentage point to 4.7 percent. But the mortgage giant said in a report that included that forecast that increasing mortgage rates are unlikely to trip up the recovery, since affordability remains near historical highs. Source: Freddie Mac.