For the week ending May 30, Freddie Mac announced that 30-year fixed rates fell to 3.99% from 4.06% the previous week. The average for 15-year loans decreased to 3.46% and the average for five-year ARMs moved down to 3.60%. A year ago, 30-year fixed rates averaged 4.56%, over 0.5% higher than today. “While economic data points to continued strength, financial sentiment is weakening with the spread between the 10-year and the 3-month Treasury bill narrowing as fears of the impact of the trade war with China grow. Lower rates should, however, give a boost to the housing market, which has been on the upswing with both existing and new home sales picking up recently,” 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.