Interest rates for the 30-year and 15-year fixed-rate mortgage matched their all-time lows, according to the latest Freddie Mac Primary Mortgage Market Survey. The 30-year FRM was unchanged from last week’s 3.66%, while the 15-year FRM fell one basis point to 2.94%.
Rates at record or near-record lows “should further help to support a recovering housing market,” said Freddie Mac chief economist Frank Nothaft. He then pointed to the 50 basis point increase in the SP/Case-Shiller and Federal Housing Finance Agency home price indices and May’s nearly 6% rise in pending existing home sales and 7.6% rise in new home sales to support that argument.
As for rates on adjustable products, the 5/1 Treasury-indexed ARM is at 2.79% for this week, up 2 basis points, while the one-year Treasury-indexed ARM is at 2.74%, unchanged from the previous week.