Mortgage rates continued to slide this week, signaling to homeowners that now might be a good time to refinance, according to the latest Freddie Mac Primary Mortgage Market Survey.
The 30-year fixed-rate mortgage averaged 3.82% for the week ending June 6, 2019, down from last week’s rate of 3.99%. A year ago, the rate was 4.54%.
“While the drop in mortgage rates is a good opportunity for consumers to save on their mortgage payment, our research indicates that there can be a wide dispersion among mortgage rate offers,” Freddie Mac Chief Economist Sam Khater said. “By shopping around and getting a single additional mortgage rate quote, a borrower can save an average of $1,500.”
The 15-year FRM averaged 3.28% this week, moderately falling from last week’s 3.46%. This time last year, the 15-year FRM came in at 4.01%.
Lastly, the five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.52%, decreasing from last week’s rate of 3.60%. Once again, this rate is much lower than the same time period in 2018 when it averaged 3.78%.
“These low rates are also good news for current homeowners,” Khater said. “With rates dipping below 4%, there are over $2 trillion of outstanding conforming conventional mortgages eligible to be refinanced – meaning the majority of what was originated in 2018 is now eligible.”