Today's Mortgage Rates - 07/06/2022
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A meaningful decline in mortgage rates this week erased some of the considerable recent increase.
Freddie Mac reported today that the average offered interest rate for a conforming 30-year fixed-rate mortgage decreased by 11 basis points (0.11%), settling the most popular mortgage rate at 5.70%, a three week low, but still 61 basis points above where it began June.
Conforming fifteen-year FRMs declined by a bit less, easing by nine basis points to 4.83%.
Firmer short-term interest rates engineered by the Fed continue to press upward on initial rates for ARMs. The average initial fixed rate on a hybrid 5/1 ARM increased by nine one-hundredths of a percentage point this week, but at an average rate of 4.50% still offers a good value compared to a 30-year fixed-rate mortgage.
If you're considering taking an ARM over a fixed rate, you'll want to read HSH's comprehensive Guide to Adjustable Rate Mortgages, which will help you to understand the risks you may face and the rewards of an ARM may provide.
The economic situation is changing and investors are trying to decide how significant the risk of a coming recession may be. Although is probably related to end-of-quarter positioning, investor hedging before another U.S. holiday weekend or sheltering before stock "earnings season" gets underway rather than a change in perception, bonds have enjoyed a bit of a rally of late, pushing yields down.
As well, the Fed's preferred measure of prices ("core" Personal Consumption Expenditures) continues in a gentle easing pattern in May, but at 4.7% remains well above desired levels. Still, any moves in the right direction are welcome, and may help keep long-term better tethered as we move into summer.
As we write this, the influential yield on the 10-year Treasury is sliding toward 3%, that should help subdue fixed mortgage rates a bit more over the next couple of days.
Each week in HSH's MarketTrends newsletter, we track and discuss economic conditions that affect mortgage rates and their impact on housing markets and consumers. Read the most recent edition of MarketTrends or subscribe for email delivery.
Current mortgage rates
| Week | 30-year-Fixed | 15-year-Fixed | 5-year-ARM |
|---|---|---|---|
| 06/30 | 5.700% | 4.830% | 4.500% |
| 06/23 | 5.810% | 4.920% | 4.410% |
| 06/16 | 5.780% | 4.810% | 4.330% |
| 06/09 | 5.230% | 4.380% | 4.120% |
| 06/02 | 5.090% | 4.320% | 4.040% |
| 05/26 | 5.100% | 4.310% | 4.200% |
| 05/19 | 5.250% | 4.430% | 4.080% |
| 05/12 | 5.300% | 4.480% | 3.980% |
| 05/05 | 5.270% | 4.520% | 3.960% |
| 04/28 | 5.100% | 4.400% | 3.780% |
| 04/21 | 5.110% | 4.380% | 3.750% |
| 04/14 | 5.000% | 4.170% | 3.690% |
Mortgage Choices at a Glance
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