After getting some much needed relief in the previous survey, mortgage rates saw little movement this week, according to mortgage financier Freddie Mac.
“Mixed economic reports on the state of the housing market helped hold mortgage rates fairly flat this week,” said Freddie Mac Chief Economist Frank Nothaft, in a statement.
The popular 30-year fixed averaged 5.42 percent for the week ending June 25, up from 5.38 percent last week, but still below the 6.45 percent seen a year ago.
The 15-year fixed fell to 4.87 percent from 4.89 percent, and sits below its year-ago average of 6.04 percent.
The five-year ARM went the opposite way, climbing two basis points to 4.99 percent, and now sits exactly a point below its average from a year ago.
The one-year ARM dipped to 4.93 percent from 4.95 percent, but is still narrowly beating the 5.27 percent average seen at this time last year.
The mortgage rates above are good for a conforming loan amount with a 20 percent down payment; each also require 0.7 mortgage points to achieve the desired rate, among other things.
Jumbo loans continue to price nearly a point higher, making refinancing more difficult more many borrowers in pricier states like Florida and California.
As for the direction of mortgage rates, many believe the low, low rates are a thing of the past and are now expected to trend up throughout the year thanks to issues like inflation (how do mortgage rates work).
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