Mortgage Rates Shift Downward on Housing Slowdown
Date postedMay 31, 2022
Originally Published by: LBM Journal — May 26, 2022
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Freddie Mac’s May 26 Primary Mortgage Market Survey (PMMS), shows that the 30-year fixed-rate mortgages (FRM) averaged 5.10%.
“Mortgage rates decreased for the second week in a row due to multiple headwinds that the economy is facing,” said Sam Khater, Freddie Mac’s chief economist. “Despite the recent moderation in rates, the housing market has clearly slowed, and the deceleration is spreading to other segments of the economy, such as consumer spending on durable goods.”
- 30-year fixed-rate mortgage averaged 5.10% with an average 0.9 point as of May 26, 2022, down from last week when it averaged 5.25%. A year ago at this time, the 30-year FRM averaged 2.95%.
- 15-year fixed-rate mortgage averaged 4.31% with an average 0.8 point, down from last week when it averaged 4.43%. A year ago at this time, the 15-year FRM averaged 2.27%.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.20% with an average 0.3 point, up from last week when it averaged 4.08%. A year ago at this time, the 5-year ARM averaged 2.59%.