Freddie Mac recently released the results of his Survey of the Primary Mortgage Market (PMMS), showing that the 30-year fixed rate mortgage (FRM) averaged 2.94%.
“Since the most recent peak in April, mortgage rates have dropped by almost a quarter of a percent and remained below 3% last month,” said Sam Khater, chief economist at Freddie Mac. “Low rates offer homeowners an opportunity to reduce your monthly payment through refinancing, and our latest research shows that many borrowers, especially blacks and Hispanics, who could benefit from refinancing, are still not looking for the option. ”
Khater continued, “In addition, the low mortgage rate environment has been a boon to the housing market, but it may not last long, as consumer inflation has accelerated at its fastest pace in more than 12 years and could lead to higher mortgage rates in the summer. ”
– O 30-year fixed rate mortgage it had an average of 2.94% with an average of 0.7 points for the week ended on May 13, 2021, below last week, when it reached an average of 2.96%. A year ago, at that time, the 30-year FRM averaged 3.28%.
– O 15-year fixed rate mortgage 2.26% with an average of 0.6 points, below last week, when it had an average of 2.30%. A year ago, at that time, the 15-year FRM averaged 2.72%.
– O five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.59% with an average of 0.3 points, down from last week, when it averaged 2.70%. A year ago, at this time, the five-year ARM averaged 3.18%.
Source: Freddie Mac