Mortgage Rates Trend Lower in the Week Ending June 10, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending June 10, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.96% with an average 0.7 point, down from last week when it averaged 2.99% percent. A year ago at this time, the 30-year FRM averaged 3.21%. The 15-year fixed-mortgage averaged 2.23% with an average 0.6 point, down from last week when it averaged 2.27%. A year ago, at this time, the 15-year FRM averaged 2.62%.

Sam Khater, Freddie Mac’s Chief Economist said in a statement prepared for this week’s PMMS that, “The economy is recovering remarkably fast and as pandemic restrictions continue to lift, economic growth will remain strong over the coming months. Despite the stronger economy, the housing market is experiencing a slowdown in purchase application activity due to modestly higher mortgage rates. However, it has yet to translate into a weaker home price trajectory because the shortage of inventory continues to cause pricing to remain elevated.”