Mortgage Rates Continue to Hold Steady

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending May 21st, 2020. The PMMS shows that 30-year fixed-mortgage rate averaged 3.24% percent with an average 0.7 point, down from last week when it averaged 3.28%. A year ago, at this time, the 30-year FRM averaged 4.06%. The 15-year fixed-mortgage rate averaged 2.70% with an average 0.7 point, down from last week when it averaged 2.72%. A year ago, at this time, the 15-year FRM averaged 3.51%. Freddie Mac’s Chief Economist Sam Khater, said in prepared remarks that, “For the fourth consecutive week, the 30-year fixed-rate mortgage has been below 3.30 percent, giving potential buyers a good reason to continue shopping even amid the pandemic. As states reopen, we’re seeing purchase demand improve remarkably fast, now essentially flat relative to a year ago. Going forward, mortgage rates have room to decline as mortgage spreads remain elevated.”