Mortgage Rates Tick Higher, After Reaching All Time Low

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending May 7th, 2020. The PMMS shows that 30-year fixed-mortgage rate averaged 3.26% with an average 0.7 point up from last week when it averaged 3.23%. A year ago, at this time, the 30-year FRM averaged 4.10%. The 15-year fixed-mortgage rate averaged 2.73% with an average 0.7 point, down from last week when it averaged 2.77%. A year ago, at this time, the 15-year FRM averaged 3.57%. Freddie Mac’s Chief Economist Sam Khater said in his prepared remarks that, “Mortgage rates stayed at or near record lows for the fifth straight week and homeowners are taking advantage with refinance activity remaining high. Although purchase demand declined thirty-five percent year-over-year in mid-April, demand has improved modestly over the last three weeks.”