Freddie Mac, the mortgage operator, published the results of its Primary Mortgage Market Survey (PMMS), showing that the Fixed Rate Mortgage (FRM) at 30 years averaged 5.10%.
“The Mortgage rates fell for the second consecutive week due to the multiple obstacles facing the economy”, said Sam Khater, chief economist at Freddie Mac.
Here are the rates:
The fixed-rate mortgage at 30 years averaged 5.10% with an average of 0.9 points as of 26 May 2022, down from last week when it averaged 5.25%. A year ago at this time, the FRM of 30 years averaged 2.95% .
The mortgage from fixed rate to 15 years averaged 4.31% with an average of 0.8 points, down from last week when it averaged 4.43%. A year ago at this time, the FRM of 15 years averaged 2.27%.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.20% with an average of 0.3 points, more than last week when it averaged 4.%. A year ago the 5-year ARM averaged 2.59%.
“Despite the recent moderation in rates, the The housing market has clearly slowed down and the slowdown is spreading to other segments of the economy, such as consumer spending on durable goods,” Khater said.
The PMMS focuses on fully amortizing, conforming, conventional home purchase loans for borrowers who put up a 20% down payment and have excellent credit. Average commitment rates should be reported along with average fees and points to reflect the total initial cost of obtaining the mortgage.
You may also be interested in: 2022– The 10 most affordable cities to buy a beach house in the United States
– Mortgage interest rate at 30 years rises to 5.3%, reports Freddie Mac
– Mortgage cost has gone up 20% since December and 38% in a year in the US, says Zillow