Freddie Mac’s results of its Primary Mortgage Market Survey® shows that “Moving into summer, we expect rates to be about a quarter to half a percentage point lower than where they were last year, which is good news for the housing market. These lower rates combined with solid economic growth, low inflation and rebounding consumer confidence should provide a solid foundation for home sales to continue to improve over the next couple of months.”
- 30-year fixed-rate mortgage (FRM) averaged 4.14 percent with an average 0.5 points for the week ending May 2, 2019, down from last week when it averaged 4.20 percent. A year ago, at this time, the 30-year FRM averaged 4.55 percent.
- 15-year FRM this week averaged 3.6 percent with an average 0.4 points, down from last week when it also averaged 3.64 percent. A year ago, at this time, the 15-year FRM averaged 4.03 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.68 percent this week with an average 0.4 points, down from last week when it averaged 3.77 percent. A year ago, at this time, the 5-year ARM averaged 3.69 percent.