30-Year & 15-Year Mortgage Rates Move Lower in the Week Ending May 26, 2022—The Second Consecutive Decline

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending May 26, 2022. The PMMS reports that the 30-year fixed-rate mortgage averaged 5.10% with an average 0.9 point, down from last week when it averaged 5.25%. A year ago, at this time, the 30-year FRM averaged 2.95%.

The 15-year fixed-rate mortgage averaged 4.31% with an average 0.8 point, down from last week when it averaged 4.43%. A year ago, at this time, the 15-year FRM averaged 2.27%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.20% with an average 0.3 point, up from last week when it averaged 4.08%. 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, “Mortgage rates decreased for the second week in a row due to multiple headwinds that the economy is facing. Despite the recent moderation in rates, the housing market has clearly slowed, and the deceleration is spreading to other segments of the economy, such as consumer spending on durable goods.”