U.S. Mortgage Rates Dip From Last Week's Spike

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Based on Freddie Mac's latest Primary Mortgage Market Survey (PMMS), the average fixed mortgage rate in the U.S. moved lower from the previous week's new highs for 2015 while housing data was generally positive.

Len Kiefer, Freddie Mac's deputy chief economist said, "Mortgage rates were down this week while housing data were generally positive. Although housing starts dropped 11.1 percent to a seasonally adjusted pace of 1.04 million units in May, housing permits surged 11.8 percent to its highest level since August 2007. Reinforcing this positive momentum, the NAHB housing market index rose 5 points in June, suggesting home builders are very optimistic about home sales in the near future."

Freddie Mac News Facts:

• 30-year fixed-rate mortgage (FRM) averaged 4.00 percent with an average 0.7 point for the week ending June 18, 2015, down from last week when it averaged 4.04 percent. A year ago at this time, the 30-year FRM averaged 4.17 percent.

• 15-year FRM this week averaged 3.23 percent with an average 0.5 point, down from last week when it averaged 3.25 percent. A year ago at this time, the 15-year FRM averaged 3.30 percent.

• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.00 percent this week with an average 0.4 point, down from last week when it averaged 3.01 percent. A year ago, the 5-year ARM averaged 3.00 percent.

• 1-year Treasury-indexed ARM averaged 2.53 percent this week with an average 0.2 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.41 percent.