ABBA First Mortgage News

Rates are steady for the fourth week in a row with slight movements up and down daily

For the week ending May 21, Freddie Mac announced that 30-year fixed rates moved down to 3.24% from 3.28% the week before. The average for 15-year loans decreased to 2.70% and the average for five-year ARMs fell one tick to 3.17%. A year ago, 30-year fixed rates averaged 4.06%, more than 0.75% higher than today. “For the fourth consecutive week, 30-year fixed-rates have been below 3.30 percent, giving potential buyers a good reason to continue shopping even amid the pandemic. As states reopen, we’re seeing purchase demand improve remarkably fast, now essentially flat relative to a year ago. Going forward, rates have room to decline as spreads remain elevated,” 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.

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