Mortgage Rates Generally Hold Steady

MCLEAN, Va. — Freddie Mac Thursday released the results of its Primary Mortgage Market Survey, showing that the 30-year fixed-rate mortgage (FRM) averaged 3.28 percent.

“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.”

News Facts

• 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.