30-Year Mortgage Remains Below 3% for Third Consecutive Week, in the Week Ending May 6, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending May 6, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.96% percent with an average 0.6 point, down from last week when it averaged 2.98%. A year ago, at this time, the 30-year FRM averaged 3.26% The 15-year fixed-mortgage averaged 2.30% with an average 0.6 point, down from last week when it averaged 2.31%. A year ago, at this time, the 15-year FRM averaged 2.73%. In prepared remarks, Freddie Mac’s Chief Economist Sam Khater said, “Mortgage rates have remained under three percent for three consecutive weeks. Consumer income and spending are picking up, which is leading to an acceleration in economic growth. The combination of low and stable rates, coupled with an improving economy, is good for homebuyers. It’s also good for homeowners who may have missed prior opportunities to refinance and increase their monthly cash flow.”