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