Mortgage rates hit new lows this week, still searching for a bottom after pausing last week from six consecutive weeks of declines.
Rates on 30-year fixed-rate mortgages (FRM) averaged 3.66 percent with an average 0.7 point for the week ending June 21, down from 3.71 percent last week and 4.50 percent a year ago, Freddie Mac said in releasing the results of its latest Primary Mortgage Market Survey. That’s a new low in Freddie Mac records dating to 1971.
For 15-year fixed-rate mortgages, rates averaged 2.95 percent with an average 0.6 point, down from 2.98 percent last week and 3.69 percent a year ago. Rates for 15-year loans — a popular refinancing option — hit an all-time low in records dating to 1991 of 2.94 percent the week ending June 7.
Interest rates continue to be low but home sales in Temecula have picked up. If you are still on the fence about purchasing a home, give me a call.