Mortgage Rates Continue to Hold Steady
Mortgage Rates Decrease
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.”
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