Average 30-Year Mortgage Rates Rise Slightly to 3.18%

Monday, June 8, 2020   /   by Burt Horwitz

Average 30-Year Mortgage Rates Rise Slightly to 3.18%

Average 30-Year Mortgage Rates Rise Slightly to 3.18%


Last week’s record-breaking low for 30-year fixed-rate mortgages (3.15% – the third historical low this year) rose marginally to 3.18% this week.

BALTIMORE (AP) – Long-term mortgage rates increased slightly as the U.S. economy showed signs that the worst of the coronavirus-fueled recession may have passed.
The average interest charged on a 30-year mortgage was 3.18% this week, up from 3.15% a week ago, according to a report Thursday by mortgage buyer Freddie Mac. That average is down from 3.82% a year ago.

The economic collapse following the COVID-19 outbreak has corresponded with a decline in mortgage rates. But there are signs that the economy may have already bottomed as government data shows that applications for jobless aid – though still historically high – are steadily falling.

The average 15-year mortgage rate was unchanged from last week at 2.62%. This average has fallen from 3.28% a year ago.

 


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