Mortgage Rates Decrease

21 May 2020

Mortgage Rates Decrease

Freddie Mac

Freddie Mac today released the results of its Primary Mortgage Market Survey®, showing that the 30-year fixed-rate mortgage (FRM) averaged 3.24 percent.

“For the fourth consecutive week, the 30-year fixed-rate mortgage has been below 3.30 percent, giving potential buyers a good reason to continue shopping even amid the pandemic,” said Sam Khater, Freddie Mac’s Chief Economist. “As states reopen, we’re seeing purchase demand improve remarkably fast, now essentially flat relative to a year ago. Going forward, mortgage rates have room to decline as mortgage spreads remain elevated.”

News Facts

  • 30-year fixed-rate mortgage averaged 3.24 percent with an average 0.7 point for the week ending May 21, 2020, down from last week when it averaged 3.28 percent. A year ago at this time, the 30-year FRM averaged 4.06 percent.
  • 15-year fixed-rate mortgage averaged 2.70 percent with an average 0.7 point, down from last week when it averaged 2.72 percent. A year ago at this time, the 15-year FRM averaged 3.51 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.17 percent with an average 0.4 point, down slightly from last week when it averaged 3.18 percent. A year ago at this time, the 5-year ARM averaged 3.68 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.