May 30

Mortgage Rates Hit Lowest Averages of the Year

Mortgage Rates Hit Lowest Averages of the Year

 

Mortgage Rates Hit Lowest Averages of the Year

Mortgage Rates Hit Lowest Averages of the Year

Mortgage rates dipped to their lowest averages of the year this week, Freddie Mac repots. “As we predicted, the 30-year mortgage rate fell 7 basis points this week in a delayed reaction to last week’s sharp drop in Treasury yields,” says Sean Becketti, Freddie Mac’s chief economist. “The survey rate stands at 3.95 percent today, a new low for the year.”

Freddie Mac reported the following national averages with mortgage rates for the week ending May 25:

  • 30-year fixed-rate mortgages: averaged 3.95 percent, with an average 0.5 point, falling from last week’s 4.02 percent average. Last year at this time, 30-year rates averaged 3.64 percent.
  • 15-year fixed-rate mortgages: averaged 3.19 percent, with an average 0.5 point, falling from last week’s 3.27 percent average. A year ago, 15-year rates averaged 2.89 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 3.07 percent, with an average 0.4 point, dropping from last week’s 3.13 percent average. A year ago, 5-year ARMs averaged 2.87 percent.

Source: Freddie Mac

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