Bankrate shares latest averages
There was a slight dip in the most recent mortgage rates compared to a week ago, said consumer financial services company Bankrate. As of June 28, average rates for 30-year fixed, 15-year fixed, and jumbo loans decreased, while rates for 5/1 ARMs rose.
The average rate for a 30-year fixed mortgage is currently at 5.90%, down 0.11% from the average reported by Bankrate last week. During the same week a month ago, the 30-year fixed rate averaged 5.27%.
The 15-year fixed rate also moved lower to 5.14%, down 0.13% from the previous week. Similarly, the rate for jumbo loans went down by 0.7%, landing at 5.87%.
The average rate for 5/1 ARMs, meanwhile, increased by 0.12% and is now at 4.30%.
Analysts from economic research firm Capital Economics had said that mortgage rates above 6% mark “the threshold at which house price falls become likely.”
As Matthew Pointon, senior property economist at Capital Economics, explained in a report last week: “That deterioration in affordability will shut many potential buyers out of the market. That will reduce the competition for homes, and sellers will eventually see the need to accept a lower price for their property.”
Bankrate’s weekly averages are compiled from the 10 largest banks and thrifts in 10 large US markets.
