Once Again, Record Lows

July 15, 2020
Record Lows
It is the story of broken records, as rates hit yet another record low last week.

 

For the week ending July 9, Freddie Mac announced that 30-year fixed rates fell to 3.03% from 3.07% the week before. The average for 15-year loans decreased to 2.51% and the average for five-year ARMs was up slightly to 3.02%. A year ago, 30-year fixed rates averaged 3.75%, more than 0.50% higher than today. "The summer is heating up as record low rates on home loans continue to spur homebuyer demand. However, it remains to be seen whether the demand will continue if COVID cases rise to the point that it hinders economic growth," 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 July 10, 2020

 

Daily Value

Monthly Value

 

July 9

June

6-month Treasury Security

0.16%

0.18%

1-year Treasury Security

0.15%

0.18%

3-year Treasury Security

0.18%

0.22%

5-year Treasury Security

0.28%

0.34%

10-year Treasury Security

0.62%

0.73%

12-month LIBOR

 

0.533% (June)

12-month MTA

 

1.171% (June)

11th District Cost of Funds

 

0.755% (May)

Prime Rate

 

3.25% (March)