Mortgage Rates Drop Below 3% in the Week Ending May 27, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending May 27, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.95% with an average 0.7 point, down from last week when it averaged 3.00%. A year ago, at this time, the 30-year FRM averaged 3.15%. The 15-year fixed-mortgage averaged 2.27% with an average 0.6 point, down from last week when it averaged 2.29%. A year ago, at this time, the 15-year FRM averaged 2.62%. In prepared remarks, Freddie Mac’s Chief Economist Sam Khater said, “Mortgage rates are down below three percent, continuing to offer many homeowners the potential to refinance and increase their monthly cash flow. In fact, homeowners who refinanced their 30-year fixed-rate mortgage in 2020 saved more than $2,800 dollars annually. Substantial opportunity continues to exist today, as nearly $2 trillion in conforming mortgages have the ability to refinance and reduce their interest rate by at least half a percentage point.”