Mortgage rates slid over the past week and have now declined in three of the past four weeks, according to Freddie Mac.

30-Year FRM 15-Year ARM 5/1-Year ARM
Average Rates 4.57% 4.04% 3.83%
Fees & Points 0.5 0.4 0.3
Margin N/A N/A 2.77

The 30-year fixed-rate mortgage averaged 4.57% for the week ending June 21, down from last week when it averaged 4.62%. A year ago at this time, the 30-year fixed-rate mortgage averaged 3.9%.

"After a sharp run-up in the early part of 2018, rates have stabilized over the last three months, with only a modest uptick since March. However, existing-home sales have hit a wall, declining in six of the last nine months on a year-over-year basis," Freddie Mac Chief Economist Sam Khater said in a press release.

Rates retreat

"This indicates that persistently low supply levels, and not this year's climb in mortgage rates, are handcuffing sales, especially at the lower end of the market. Home shoppers can't buy inventory that doesn't exist."

The 15-year fixed-rate mortgage this week averaged 4.04%, down from last week when it averaged 4.07%. A year ago at this time, the 15-year fixed-rate mortgage averaged 3.17%.

The five-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.83% this week with an average 0.3 point (unchanged from last week). A year ago at this time, the five-year adjustable-rate mortgage averaged 3.14%.

"Mortgage rates fell by about 10 basis points last week despite an interest rate hike from the Federal Reserve." Aaron Terrazas, Zillow's senior economist, said when that company released its own rate tracker on June 20. "International trade is likely to continue dominating headlines in the near term, and comments by several Fed officials over the next week could provide clarity on how key FOMC officials view the longer-term U.S. economic outlook."

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