Mortgage Rates Resume Downward Direction

Mortgage rates inched back over the past week and have now declined in three of the past four weeks.

Freddie Mac reports the following national averages in mortgage rates for the week ending June 21:

  • 30-year fixed-rate mortgages: averaged 4.57 percent, lower than last week’s 4.62 percent average. Last year at this time, 30-year rates averaged 3.90 percent.
  • 15-year fixed-rate mortgages: averaged 4.04 percent, down from last week’s 4.07 percent average. A year ago, 15-year rates averaged 3.17 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.83 percent, unchanged from last week’s 3.83 percent average. A year ago, 5-year ARMs averaged 3.14 percent.