Big headlines-Rates fell again last week! But if you read further on, it was only a “micro” sort of fraction!
For the week ending May 23, Freddie Mac announced that 30-year fixed rates fell slightly to 4.06% from 4.07% the previous week. The average for 15-year loans decreased slightly to 3.51% and the average for five-year ARMs moved up slightly to 3.68%. A year ago, 30-year fixed rates averaged 4.66%, over 0.5% higher than today. “Rates on home loans fell for the fourth consecutive week and continued the medium-term trend of lower rates since late 2018. The drop in rates is causing purchase demand to rise and the mix of demand is skewing to the higher end as more affluent consumers are typically more responsive to declines in rates,” said Sam Khater, Chief Economist, Freddie Mac.
Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.