But 5-year ARM increases
Mortgage rates hit a new low in 2017 for the second consecutive week even as the rate for five-year adjustable-rate mortgages increased.
“The 30-year mortgage rate remained relatively flat, falling one basis point to 3.94% and once again hitting a new 2017 low,” Freddie Mac Chief Economist Sean Becketti said.
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(Source: Freddie Mac)
The 30-year fixed-rate mortgage dropped to 3.94% for the week ending June 1, 2017. This is down one basis point from last week’s 3.95% but up from last year’s 3.66%.
The 15-year FRM held at 3.19%, the same as last week, but up from last year’s 2.92%.
The five-year Treasury-indexed hybrid adjustable-rate mortgage increased to 3.11%, up from last week’s 3.07% and from last year’s 2.88%.
“In a short week following Memorial Day, the 10-year Treasury yield fell four basis points,” Becketti said.