Mortgage Rates Continue to Hold Steady

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending May 14th, 2020. The PMMS shows that 30-year fixed-mortgage rate averaged 3.28% with an average 0.7 point, up slightly from last week when it averaged 3.26%. A year ago, at this time, the 30-year FRM averaged 4.07%. The 15-year fixed-mortgage rate averaged 2.72% with an average 0.7 point, down slightly from last week when it averaged 2.73%. A year ago, at this time, the 15-year FRM averaged 3.53 percent. Freddie Mac’s Chief Economist Sam Khater said in his prepared remarks that, “Mortgage rates have stabilized at very low levels over the last few weeks as home buyer demand slowly improves,” said Sam Khater, Freddie Mac’s Chief Economist. “Although purchase applications reached a new low in mid-April, today purchase demand is only down ten percent from one year ago. While demand is improving, inventory is low and declining with no signs of a turnaround yet.”