Mortgage rates dropped to a new low for 2011 following reports of less than stellar economic progress and flat employment numbers.
According to Freddie Mac’s weekly Primary Mortgage Market Survey (PMMS), the average rate on the 30-year fixed-rate mortgage fell to 4.49 percent for the week ending June 9, down from 4.55 percent the week prior. Rates on 15-year fixed-rate mortgages fell to 3.68 percent from 3.74 percent.
What does this mean for consumers? Since rates tend to rise with positive economic news, this time could represent a rare window of rock-bottom rates, as the economy recovers in fits and starts.
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