Posted by Damon L. Chavez on Monday, June 27th, 2016 at 11:40am.
Borrowing costs stayed low for yet another week for home buyers and refinancers. The 30-year fixed-rate mortgage continues to hover near its lowest average in three years.
"Mortgage rates have been slow to adjust to the 10-year Treasury yield, which has increased 12 basis points since last week,” says Sean Becketti, Freddie Mac’s chief economist. “This week's survey shows the 30-year fixed rate inching up to 3.56 percent, only 2 basis points above last week's average. The low rates continue to be good news for the housing market, as existing home sales rose 1.8 percent to a 5.53 million seasonally adjusted annual rate in the month of May -- the highest level since February 2007."
Freddie Mac reports the following national averages with mortgage rates for the week ending June 23:
Source: Freddie Mac