Mortgage Rates Hold Steady
Tuesday, May 19, 2020
Freddie Mac reported last week that its Primary Mortgage Market Survey®, showed that the 30-year fixed-rate mortgage averaged 3.28 percent, with 30 year rates up slightly and 15 year rates down slightly.
“Mortgage rates have stabilized at very low levels over the last few weeks as homebuyer demand slowly improves,” said Sam Khater, Freddie Mac’s Chief Economist. “Although purchase applications reached a new low in mid-April, today purchase demand is only down ten percent from one year ago. While demand is improving, inventory is low and declining with no signs of a turnaround yet.”
- 30-year fixed-rate mortgage averaged 3.28 percent with an average 0.7 point for the week ending May 14, 2020, up slightly from the prior week when it averaged 3.26 percent. A year ago, the 30-year FRM averaged 4.07 percent.
- 15-year fixed-rate mortgage averaged 2.72 percent with an average 0.7 point, down slightly from the prior week when it averaged 2.73 percent. A year ago, the 15-year FRM averaged 3.53 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.18 percent with an average 0.3 point, up slightly from 3.17 percent. A year ago, the 5-year ARM averaged 3.66 percent.