Mortgage Rates Tick Up Slightly for Week Ending June 11th

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending June 11th, 2020. The PMMS shows that 30-year fixed-mortgage rate averaged 3.21% with an average 0.9 point, up slightly from last week when it averaged 3.18%. A year ago, at this time, the 30-year FRM averaged 3.82%. The 15-year fixed-mortgage rate averaged 2.62% with an average 0.8 point, unchanged from last week. A year ago, at this time, the 15-year FRM averaged 3.26%. Freddie Mac’s Chief Economist Sam Khater, said in prepared remarks that, “The rebound in homebuyer demand continued this week, driven by mortgage rates that hover near record lows. This turnaround in demand, particularly by those who have higher incomes than the typical household, also reflects deferred sales from the Spring.”

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