30-year Mortgage Rate Declines To 4.00%

The average rate for a 30-year fixed-rate mortgage declined to 4.00% in the week that ended June 18, pulling back from an eight-month high of 4.04% hit in the prior week, according to a Thursday report from federally controlled mortgage buyer Freddie Mac. A year ago, the 30-year rate was at 4.17%. A record low of 3.31% for the 30-year mortgage was reached in November 2012. The average rate for the 15-year fixed-rate mortgage decreased to 3.23% in the latest week from 3.25% in the prior week. Meanwhile, the rate for a 5-year Treasury-indexed hybrid adjustable-rate mortgage ticked down to 3.00% from 3.01%. The rate for a 1-year Treasury-indexed ARM was unchanged at 2.53%.