The market turmoil that made you cringe about your 401(k) has a bright side: It’s a really good time to buy a home or refinance as mortgage rates approach their all-time lows.
The market has started to recover its losses and the flight to Treasuries has eased, but home loan rates are deeper into historic territory this week, according to Freddie Mac’s just-released update.
The 30-year fixed-rate average plunged to 3.48 percent this week, a three-year low and down from 3.56 percent just last week. That puts the 30-year fixed-rate mortgage at only 17 basis points above its November 2012 all-time record low of 3.31 percent.
“In the wake of the Brexit vote, the yield on the 10-year U.S. Treasury bond plummeted 24 basis points,” said Sean Becketti, chief economist, Freddie Mac. “The 30-year mortgage rate declined as well, but not by as much, falling 8 basis points to 3.48 percent.”
Here’s a rundown of Freddie Mac’s weekly report out today:
30-year fixed-rate mortgage (FRM) averaged 3.48 percent, with an average 0.5 point for the week ending June 30, 2016, down from last week when it averaged 3.56 percent. A year ago at this time, the 30-year FRM averaged 4.08 percent.
15-year FRM this week averaged 2.78 percent, with an average 0.4 point, down from last week when it averaged 2.83 percent. A year ago at this time, the 15-year FRM averaged 3.24 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.70 percent this week, with an average 0.5 point, down from last week when it averaged 2.74 percent. A year ago, the 5-year ARM averaged 2.99.