Freddie Mac: Mortgage Rates Hold Steady in May 16th Report

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing that fixed-rate mortgages dropped slightly.

Sam Khater, Freddie Mac’s chief economist, says, “Modestly weaker consumer spending and manufacturing data, along with continued jitters around trade policy, caused interest rates to decline throughout the yield curve. While signals from the financial markets are flashing caution signs, the real economy remains on solid ground with steady job growth and five-decade low unemployment rates, which will drive up home sales this summer.”

News Facts

– 30-year fixed-rate mortgage (FRM) averaged 4.07 percent with an average 0.5 point for the week ending May 16, 2019, down from last week when it averaged 4.10 percent. A year ago at this time, the 30-year FRM averaged 4.61 percent.

– 15-year FRM this week averaged 3.53 percent with an average 0.4 point, down from last week when it averaged 3.57 percent. A year ago at this time, the 15-year FRM averaged 4.08 percent.

– 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.66 percent with an average 0.4 point, up from last week when it averaged 3.63 percent. A year ago at this time, the 5-year ARM averaged 3.82 percent.

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

Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide. We are building a better housing finance system for homebuyers, renters, lenders, investors and taxpayers.

Contact:

Nicole Flores – Nicole_Flores@FreddieMac.com – (703) 903-4068

Source: Freddie Mac