Mortgage Rates Reach a New Low for 2016

Mortgage Rates are reaching a new low for 2016.The 30-year fixed mortgage rate dipped to its lowest average of the year this week, averaging 3.58 percent, Freddie Mac reports in its latest mortgage market survey.

“Demand for Treasuries remained high this week, driving yields to their lowest point since February,” says Sean Becketti, Freddie Mac’s chief economist. “In response, the 30-year mortgage rate fell 1 basis point to 3.58 percent. This rate represents yet another low for 2016 and the lowest mark since May 2013.”

As you see from the rates trend graph above, rate are continuing to decline into 2016’s new low.

Mortgage Rates: June 10, 2016

30-year fixed: 3.72% APR (-0.01)

15-year fixed: 3.08% APR (NC)

5/1 ARM: 3.35% APR (NC)

 Are you ready to purchase while rates are low? Contact me today to begin the purchase process.