Although today we are a half percent higher in rate than a year ago, rates were stable in the past week. For the week ending May 10, Freddie Mac announced that 30-year fixed rates remained at 4.55%. The average for 15-year loans decreased slightly to 4.01% and the average for five-year adjustables rose to 3.77%. A year ago, 30-year fixed rates averaged 4.05%. Attributed to Sam Khater, Chief Economist, Freddie Mac — “The minimal movement of interest rates in these last three weeks reflects the current economic nirvana of a tight labor market, solid economic growth and restrained inflation. As we head into late spring, the demand for purchase credit remains rock solid, which should set us up for another robust summer home sales season.” 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.
ABBA First Mortgage News
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