“Mortgage rates have stabilized at very low levels over the last few weeks as homebuyer demand slowly improves,” said Sam Khater, Freddie Mac’s Chief Economist. “Although purchase applications reached a new low in mid-April, today purchase demand is only down ten percent from one year ago. While demand is improving, inventory is low and declining with no signs of a turnaround yet.”
- 30-year fixed-rate mortgage averaged 3.28 percent with an average 0.7 point for the week ending May 14, 2020, up slightly from last week when it averaged 3.26 percent. A year ago at this time, the 30-year FRM averaged 4.07 percent.
- 15-year fixed-rate mortgage averaged 2.72 percent with an average 0.7 point, down slightly from last week when it averaged 2.73 percent. A year ago at this time, the 15-year FRM averaged 3.53 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.18 percent with an average 0.3 point, up slightly from last week when it averaged 3.17 percent. A year ago at this time, the 5-year ARM averaged 3.66 percent.