30-Year & 15-Year Mortgage Rates Drift Lower in the Week Ending May 19, 2022

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending May 19, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.25% with an average 0.9 point, down from last week when it averaged 5.30%. A year ago, at this time, the 30-year FRM averaged 3.00%.

The 15-year fixed-rate mortgage averaged 4.43% with an average 0.9 point, down from last week when it averaged 4.48%. A year ago, at this time, the 15-year FRM averaged 2.29%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.08% with an average 0.2 point, up from last week when it averaged 3.98%. A year ago, at this time, the 5-year ARM averaged 2.59%.

In remarks prepared for the release of this week’s PMMS report, Freddie Mac’s Chief Economist Sam Khater said, “Economic uncertainty is causing mortgage rate volatility. As a result, purchase demand is waning, and homebuilder sentiment has dropped to the lowest level in nearly two years. Builders are also dealing with rising costs, meaning this posture is likely to continue.”