Mortgage Rates Even Out From Recent Plummets

By Liz Clinger Updated on 6/14/2012

According to the Freddie Mac weekly survey, the 6 week streak in record breaking mortgage rate declines have come to an end.

Fixed rate mortgages with a 30 year length showed an increase of 0.04% to reach a 3.71% average over last week’s historically low 3.67%, though still a far cry from this time last year’s rate of 4.5%.

Fixed rate mortgages with a 15 year length also showed an increase, up 0.04% reaching an average of 2.98% over last week’s average of 2.94%. 15-year fixed rate mortgages are still well below the previous year’s average of 3.67%.

Treasury-indexed adjustable rate mortgages actually showed a decline according to the survey, with 5-year TI-hybrid ARM’s averaging 2.80% under last week’s average of 2.84%, and well under this time last year’s rate of 3.27%. 1-year TI ARM’s showed a decrease in average rate as well, with 2.78% under last week’s 2.79% and down from last year’s 2.97%.

Though mortgage rates seem to be showing a more even average this week after the recent record breaking declines, it’s still a great time to lock in your mortgage!