Rates Hit Record Lows – Again

June 23, 2020
Rates Hit Record
Rates moved to historic lows again this week – setting a new standard.

 

For the week ending June 18, Freddie Mac announced that 30-year fixed rates moved down to 3.13% from 3.21% the week before. The average for 15-year loans fell to 2.58% and the average for five-year ARMs also eased to 3.09%. A year ago, 30-year fixed rates averaged 3.84%, more than 0.50% higher than today. "While the rebound in the economy is uneven, one segment that is exhibiting strength is the housing market. Purchase demand activity is up over twenty percent from a year ago, the highest since January 2009. Mortgage rates have hit another record low due to declining inflationary pressures, putting many homebuyers in the buying mood. However, it will be difficult to sustain the momentum in demand as unsold inventory was at near record lows coming into the pandemic and it has only dropped since then," said Sam Khater, Chief Economist, Freddie Mac.

Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices for Adjustable Rate Mortgages
Updated June 19, 2020

 

Daily Value

Monthly Value

 

June 12

May

6-month Treasury Security

0.17%

0.15%

1-year Treasury Security

0.19%

0.16%

3-year Treasury Security

0.22%

0.22%

5-year Treasury Security

0.34%

0.34%

10-year Treasury Security

0.71%

0.67%

12-month LIBOR

 

0.674% (May)

12-month MTA

 

1.323% (May)

11th District Cost of Funds

 

0.740% (Apr)

Prime Rate

 

3.25% (March)