Mortgage Rates Remain Relatively Flat

(RTTNews) - Mortgage rates, or interest rates on home loans, inched down slightly, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 5.09 percent for the week ending June 2, 2022, down from 5.10 percent last week. A year ago at this time, the average rate was 2.99 percent.

The 15-year FRM this week averaged 4.32 percent, up from 4.31 percent last week. A year ago at this time, the 15-year FRM averaged 2.27 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 4.04 percent, down from 4.20 percent last week. It was 2.64 percent a year ago.

"Mortgage rates continued to inch downward this week but are still significantly higher than last year, affecting affordability and purchase demand," said Sam Khater, Freddie Mac's Chief Economist. "Heading into the summer, the potential homebuyer pool has shrunk, supply is on the rise and the housing market is normalizing. This is welcome news following unprecedented market tightness over the last couple years."