Mortgage Rates Have Tumbled To Lowest Of The Year

(RTTNews) - Mortgage rates or interest rates on home loans tumbled to the lowest mark of 2017 this week, according to mortgage provider Freddie Mac.

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 3.94 percent for the week ended June 1, down from 3.95 percent last week. A year ago at this time, the average rate was 3.66 percent.

The 15-year FRM this week averaged 3.19 percent, same as last week. A year ago at this time, the 15-year FRM averaged 2.92 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 3.11 percent, an increase from last week's 3.07 percent. It was 2.88 percent a year ago.