Rates Hold Steady After Weeks of Declines

According to the National Mortgage News says,

The average rate for a 30-year FRM inched up one basis point to 4.5% after eight weeks of consecutive declines, according to Freddie Mac's closely watched survey.

In general, rates across most product types remained stable for the period ending June 16.

"After two months of fixed mortgage rate declines, and hitting new year-to-date lows along the way, rates held mostly steady this week," a Freddie Mac spokesperson told National Mortgage News.

On average, 15-year FRMs continued to inch downward, ending the week at 3.67%, a decline of one basis point. Treasury-indexed hybrid ARMs were at 3.27%, with one-year Treasury ARMs ending at 2.97%, up two basis points from the previous week.

Freddie chief economist and vice president Frank Nothaft said the mixed rates reflect slight increases in inflation indicators that were close to consensus, specifically a 0.2% increase in the core producer price index and a 0.3% jump in the producer price index. These increases were mostly "shrugged off" by the market, Freddie said.

In general, all rates remained lower than year ago levels.

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