This week in the housing market, mortgage rates were mostly flat, mortgage application volume was down and the Sun Belt is shining with new single-family home construction.
On The Mortgage Front: Freddie Mac (OTC:FMCC) reported the 30-year fixed-rate mortgage averaged 5.09% as of June 2, down slightly from last week’s 5.10% average. The 15-year fixed-rate mortgage averaged 4.32%, up slightly from last week when it averaged 4.31%. And the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.04%, up from last week when it averaged 4.20%.
