Freddie Mac today released the results of its Primary Mortgage Market Survey, showing that the 30-year fixed-rate mortgage averaged 3.28%.
“Mortgage rates have stabilized at very low levels over the last few weeks as home-buyer 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 10% from one year ago. While demand is improving, inventory is low and declining with no signs of a turnaround yet.”
News Facts
- 30-year fixed-rate mortgage averaged 3.28% with an average 0.7 point for the week ending May 14, 2020, up slightly from last week when it averaged 3.26%. A year ago at this time, the 30-year FRM averaged 4.07%.
- 15-year fixed-rate mortgage averaged 2.72% with an average 0.7 point, down slightly from last week when it averaged 2.73%. A year ago at this time, the 15-year FRM averaged 3.53%.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.18% with an average 0.3 point, up slightly from last week when it averaged 3.17%. A year ago at this time, the 5-year ARM averaged 3.66%.
